Silver price continues to lag behind Gold – Commerzbank

While the Gold price is rushing from record to record and the rise recently even gained momentum, the Silver price has not even fully made up for the price drop at the beginning of April, Commerzbank's commodity analyst Carsten Fritsch notes.

Silver lags behind soaring Gold rally

"At just under $33 per troy ounce, Silver is still a good 4% below its 5-month high from the end of March. Compared to Gold's gain of more than 30% since the beginning of the year, Silver's rise of 13% is also modest. The significantly weaker price performance of Silver compared to Gold is also reflected in the sharp rise in the Gold/Silver ratio."

"This rose to above 100 for the first time in almost five years at the beginning of April and reached a peak of 107 yesterday, which was last seen during the coronavirus pandemic in May 2020. Silver is therefore extremely cheap compared to Gold. We attribute this to the sharp price increase in Gold, which is currently outperforming all other commodities and asset classes."

"If you compare the price performance of Silver with that of crude oil, copper, US equities or US bonds, Silver performs better. Therefore, silver's performance is not that bad after all."