Speculative momentum continues to provide unprecedented support for silver prices as the market manages to push back above $91 an ounce; however, one bank notes that its performance—particularly compared to gold—could be overdone. Silver’s recovery and push back toward its recent record highs above $93 an ounce has pushed the gold:silver ratio to 50 points, its lowest level since March 2012. The shift in the ratio has been dramatic after it peaked above 100 points in April 2025. Silver has benefited from renewed speculative demand that has added to robust industrial demand, igniting supply-chain and liquidity issues ... (full story)