Silver has surged 94% since bottoming in March
by Jonathan Garber
Silver prices just made their biggest weekly advance since the 2008 collapse of Lehman Brothers, but the run-up has been largely eclipsed by smaller gains in gold prices.
The less-valuable metal climbed 20 percent over the past week to $23 an ounce, an increase of more than 94 percent from its bottom below $12 in March and a run-up of 28 percent so far this year.
“With relatively flat positioning, silver stands out as a catch-up trade,” wrote Paul Ciana, technical strategist at Bank of America.
He pointed to silver forming a “big base” while trading sideways over the past five years and thinks the metal is poised to “catch up” to the longer-term performance of gold and the S&P 500, which have both booked record highs in 2020.