KITCO NEWS - One ounce of gold (GOLD) - Get Report buys the least ounces of silver (SI) this year. Given the industrial component to silver's price, could this be signaling a turnaround in the global economy? The best performing precious metal for the week was silver, up 5.66 percent, said Frank Holmes, CEO of U.S. Global Investors. 'Silver has overtaken gold as the year's best performing precious metal, extending its gains to 17 percent on the back of a stabilizing Chinese economy. The precious metal, which is used in a variety of industrial products, is now trading at a five-month high,' he said in an interview with Kitco News. The gold/silver ratio is now at levels last seen in December 2015 - sitting at around 76 - it shows silver is catching up to gold, Holmes explained. More than 50 percent of global demand for silver comes from industry. During the week to April 12, Comex June gold rose $24.50, or 2%, to $1,257.40 an ounce. May silver climbed $1.075, or 7.1%, to $16.215.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.