Silver has been quietly outperforming gold since February. Silver prices surged to an 11-year high last month.
Silver prices are in the $30.10 range this morning, while gold is trading near $2,335.
Both metals fell sharply overnight.
The "poor man's gold" still has a long way to go in order to reach a new all-time high above $49 an ounce. Even if silver doesn't achieve that feat in 2024, it could still set a new record for a year-end closing price.
Meanwhile, premiums in the retail physical market remain at multi-year lows.
This is a reflection of lower levels of new demand in the U.S. and Europe, even as premiums (as well as retail interest) are extremely high in Asia.
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