| Gold has outperformed silver on a risk-adjusted basis since the GFC. Our fair value model suggests that neither gold or silver are overpriced, with greater relative value in silver. We see some short-term price risk in both commodities: slightly more in silver.
Unanticipated increases in US interest rates (and the USD) could favor silver relative to gold. Gold and silver have been in an overall uptrend since 2008. Over the last 6.5 years, gold has returned an average 9.0% p.a. with a volatility of 18.8%. Silver has returned 15.4% p.a. over the same period with a volatility of 35.2%...............................................Full Article: Source
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