by Eddie Van Der Walt and Luzi-Ann Javier
Silver’s bull run looks like it has legs.
The metal with the best return this year of any in the Bloomberg Commodity Index is poised for more gains, investors, traders and market data suggest.
“Silver has the best-looking chart among all the commodities,” said Andy Pfaff, who as chief investment officer for commodities at MitonOptimal Group in Cape Town increased his allocation to the metal over the past two weeks. “When silver moves, it really, really moves, and everyone wants to be on the right side of that trade.”
The metal is up more than 12 percent in the last two weeks after underperforming gold in the first quarter on concerns slow Chinese growth would curb demand in the biggest consumer of commodities.