Will silver continue to outshine gold?

The price of gold has predictably done well in the wake of the UK’s surprise vote to leave the EU (‘Brexit’). But the real star of the show has been silver, whose price has already jumped by 20% in US dollar terms in the past month to within touching distance of our (above-consensus) target of $19.5 perounce for the end of 2016. After such rapid gains we are wary of revising our forecasts even higher, but we continue to expect silver to outperform gold over the next couple of years.