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Fueled by investor buying, silver futures have been the top-performing COMEX metal this year, the market's 20% increase through late November more than doubling the gain in gold.
Silver's strength comes despite relatively subdued demand from the jewelry sector and slower industrial growth in Asia. Investors' bullish inclinations instead appear to be tied to a long-followed market gauge, the gold-silver price ratio, MetalMiner reported.
The ratio has fallen to the lowest levels in nearly two months and may have further to drop if silver continues to rally. In trading November 28, the ratio was about 50.9, compared to 54.3 early this month.
"Traders who swear by the ratio are therefore currently buying silver and selling gold because they believe silver will give them higher returns than the yellow metal, for now," MetalMiner wrote. "The same argument was used to very good effect in the platinum-gold ratio recently, making investors who spotted the divergence a handsome return within days."