– Safe haven silver to outperform gold in Q4 and 2018
– “Expect silver to eventually outperform gold” say Metals Focus
– 2017 YTD, silver has underperformed gold, climbing by 5% versus 11%
– Silver undervalued versus gold and especially stocks, bonds and many property markets
– Will follow gold’s reactions to macroeconomic & geopolitical factors and should outperform gold
– Special report on India shows it accounts for just 16% of global silver demand
– Silver a “safe haven at times during which gold failed to be” according to academic research
Since the beginning of 2017 the silver price has disappointed many investors. With a 5% gain so far in 2017, it has failed to match gold’s 11% gains this year. Both precious metals have ultimately performed below expectations given the positive macroeconomic and geopolitical backdrop.
However, things are starting to look up for the industrial precious metal as industry observers believe it will outperform gold this quarter and into 2018.
In a recent Metals Focus report, the precious metals consultancy concluded that ‘we do expect silver to eventually outperform gold.’
Whilst demand for silver coins in the US has been weak, there are some indicators that suggest this physical demand is beginning to pick up, alongside industrial demand. For example, there has been robust silver ETF demand and in September there was significant uptick in those taking immediate delivery on COMEX.
This year has also taken many market participants by surprise as silver demand has fallen in a number of areas. One of which is India.
The Metals Focus report for the Silver Institute believes that Indian demand in 2017 has not matched the decades’ unprecedented silver demand due to higher prices and a clampdown by Indian government on unbanked money in the drive to the cashless society.
However, incomes and the economy and both growing which leads the report to conclude that demand will come back to the country with a bang.
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