Looking ahead, the ongoing negative interest rate environment, with European and Japanese central banks cutting benchmark rates deeper into the red to promote growth, could push investors toward precious metals as a more stable store of wealth.

Importantly, silver production is declining. Additionally, gold is trading higher and silver usually responds to that by overshooting gold’s upside.

“A regression analysis shows that silver has historically amplified the move of gold by 45%, but it is currently magnifying the appreciation in gold by 63.5%,” according to Seeking Alpha.

For more information on the silver market, visit our silver category.