Will silver keep outperforming gold?

In this report we look at the reasons behind silver’s recent outperformance vs. gold and give our price outlook . The correlation between gold and silver has considerably weakened since the start of the year , all while silver and copper prices have been moving in tandem. With industrial demand for silver rising and now equating to 58 % of total demand for silver, the metal is reacting more like a base metal. More importantly is the fact the solar panel demand for silver now accounts to a fifth of total demand for the metal, up from 6% a decade ago. Renewables have now become the major driver behind the rise in silver demand.