“The pace of buying has been incredible across the silver products, whereas you’d expect that strength in gold,” said Suki Cooper, an analyst at Standard Chartered in New York. “But once investors feel they are priced out of gold they may turn to silver, or they may look at the gold/silver ratio and feel it is undervalued.” Holdings in silver-backed exchange traded funds had risen to a record 8,445 tonnes this year, Ms Cooper added, almost double the previous record in 2009.
