Silver has out-performed gold this year during periods when the prices of both have been rising, as nusual, but it has also held on to more of its gains when both have struggled. There is plenty of upside for silver, which has massively under-performed gold since 2011. Silver should benefit more from better news on the global economy as the year progresses, including fading fears of a “hard landing” in China and a renewed acceleration in activity in the US. Capital Economics notes as follows – “We are bullish on the outlook for silver prices over the remainder of 2015 and in 2016. We reiterate our (above consensus) forecasts for the silver price of $23 for end-2015 and $26 for end-2016. Admittedly, it will be hard for silver to do well if gold falls back sharply again. But we also continue to expect the price of gold to recover further, to $1,400 per ounce by the end of this year and $1,470 by the end of 2016.”

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