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Sluggish silver could deserve a closer look, some analysts say

Stock MarketsDec 07, 2018 11:00PM ET
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© Reuters. Sluggish silver could deserve a closer look, some analysts say
  • Gold prices have reached a five-month peak and palladium prices have created headlines by hitting record highs, but silver is mired near its lowest level in nearly three years following a 15% decline YTD.
  • But based on the current ratio to gold, “silver at present would be a good investment,” Refinitiv lead metals analyst Johann Wiebe: The ratio between the two metals - how many silver oz. it would take to buy one gold oz. - currently stands at ~85, not far off its November 2018 peak at 86.39, its cheapest point since 1995.
  • Silver continues to underperform gold prices but it “may be setting up to be a leader this year,” says Steve Dunn, head of ETFs at Aberdeen Standard Investments, as many of silver’s key drivers remain bullish, including rising global manufacturing and industrial production.
  • “Inflationary pressures are also on the rise as evidenced by elevated inflation expectations, rising fiscal spending, and a tighter labor market with rising wages,” Dunn says.
  • Wiebe says silver has attracted some increased investment interest of late, as data from the U.S. Mint shows sales of 1 oz. 2018 American Eagle silver bullion coins reached nearly 1.7M last month, the third highest monthly total so far this year.
  • “You should assess the investment on macroeconomic reasons but also look at the part of demand that represents 65% of the total - industrial applications, which look very promising in the coming years,” Wiebe says, referring to solar energy and electrical applications.
  • ETFs: SLV, AGQ, PSLV, SIL, USLV, SIVR, ZSL, SLVO, SILJ, SLVP, DSLV, DBS, USV, SHNY, DULL
  • Now read: Silver - All Quiet Before A Storm?


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Sluggish silver could deserve a closer look, some analysts say
 

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