The recent surge in the price of silver largely represents catch-up with gold after three years of underperformance. This phase of rapid catch-up is probably now drawing to an end. Nonetheless, the upward momentum is clearly strong and we continue to anticipate further gains in gold too. Overall, we expect silver to follow gold in hitting a new all-time high in nominal terms this year, rising from $41 per oz today to around $50, and to peak at $55 or so by mid-2012.
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