On the sidelines of the Mines and Money Online Connect virtual mining conference, Randy Smallwood, president and CEO of Wheaton Precious Metals, said that now is silver’s time to shine. It is only a matter of time before the metal follows in gold’s footsteps and hit record highs above $50 an ounce, he added.
“There’s just all sorts of benefits to silver,” Smallwood said. “We’ve been saying for a long time, the fundamentals are much stronger, but silver always lags gold when gold starts moving. In the last two months, we’ve really seen silver totally outperform and claw its way back up. Now, we’re not at record highs yet, but with the fundamentals behind silver… I’m confident that we will see record highs in silver over the near term.”
Smallwood’s comments come as silver prices push to a nearly two-week high. September silver futures last traded at 28.385 an ounce, up more than 2% on the day. Meanwhile, the gold/silver ratio is currently trading at 70, down