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Silver needs 'a new group of investors' to keep surging higher

Friday, February 3rd

Silver surged 17% in January, to outperform gold, making it the strongest performer of all precious metals in the first month of the year.

However the volatile market could mean that silver, also called ‘poor man’s gold’, struggles to keep up the pace.

Edel Tully, head of precious metals strategy at UBS, said: ‘Quite often the case with silver is that it can rise quite violently, in a very fast fashion and also repeat that on the downside. Silver has been on the rise so far this year making it by far the best performing precious metal. We have never ruled out silver getting back above towards $50, and even $60, given what the silver market is like that isn’t entirely impossible.’

Silver bullion ended January at $33.80 an ounce, up from $29 at the start of the year, compared to gold which rose 9% from $1,601 an ounce to $1,748.

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