Gold will continue to outperform silver - Tom Brady
(Kitco News) -Easing panic sentiment in financial markets is helping to boost silver prices above a critical psychological level of $15 an ounce, but one market analyst is not expecting the precious metal to outperform gold in the near-term. Tom Brady, executive director of the J.P. Morgan Center for Commodities at the University of Colorado Denver Business School, said in a report for Murenbeeld & Associates, that safe-haven demand will continue to support gold prices while weak industrial demand will weigh on silver.
Silver’s 5% rally Monday helped the precious metal rise to a one-month high at $15.265 an ounce; meanwhile gold saw a 3% rally as prices push above critical resistance around $1,700 an ounce. Traditionally, gold and silver prices have been closely correlated as both are seen as important monetary metals; however, Brady noted that since 2018 that correlation has broken down and now silver is following slightly more in copper ’s shadow.
