Silver futures post highest close in nearly a year
"Silver futures rallied Tuesday, posting their highest finish in almost a year, while gold futures rose to a one week high, with the U.S. dollar-denominated metals getting a boost from weaker greenback.
Silver for May SIK6, +4.41% delivery advanced 71.9 cents, or 4.4%, to settle $16.972 an ounce on Comex. That’s the highest close since late May, according to FactSet."
"Despite all the apparent risk-on sentiment, silver prices are surging with gold prices also taking upside cues,” said Brenda Kelly, London Capital Group’s head of analysts, in a note.
“Silver’s greater industrial use means it is more sensitive to the industrial cycle and potentially less of a haven than gold,” she added. Silver “does look cheap relative to gold in some respects,” even as the price ratio for gold to silver is now at a 2016 low, Kelly said.
Silver is up about 23% this year, outperforming gold’s 18% rise."