Silver: Surfing on gold’s coattails
Silver’s outlook ultimately hinges less on its own fundamentals and more on its relationship with gold. While softer industrial and jewellery demand and moderate investment flows may act as near-term headwinds, these are unlikely to outweigh the influence of a supportive macro backdrop for precious metals. With the market still in deficit and structural demand drivers intact, silver remains well positioned to participate in further upside, albeit with continued volatility.
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