The price of silver has surged along with gold over the last few weeks and has pushed above $19 an ounce. But the white metal continues to lag behind gold with the silver-gold ratio at over 94-1. This is a historically wide spread and it is telling us that silver remains way undervalued. At some point, you would expect that ratio to close, meaning silver has a long way to run up.
Fundamentals in the silver market also look bullish for the white metal with increasing demand and a squeeze on supply. Investment demand for silver was up 10% in the first half of 2020, according to the latest data compiled by the Silver Institute.