Silver climbed above $40 for the first time since 2011, while Gold is nearing April’s record high of $3,500, ING's commodity experts Ewa Manthey and Warren Patterson note.

Silver continues to outperform Gold

"The rallies are underpinned by growing expectations that the US Federal Reserve is poised to resume interest rate cuts with three weeks to go until the next policy meeting. The US jobs report this Friday will be the focus for the market. It’s expected to confirm a weakening labour market, strengthening the case for cuts. Tariff tensions, along with questions over the Fed’s independence and a weakening dollar, are adding to the tailwinds for the precious metals."

"Silver continues to outperform Gold, with the Gold/Silver ratio narrowing to 85 as of yesterday, down from its recent high of 104.7 on 24 April. This brings the ratio closer to its long-term average. Silver has rallied more than 40% this year, with ETF holdings expanding for a seventh consecutive month in August to stand at 806moz at the end of the month. This is the longest run of inflows since 2020."