Silver to stay in gold’s shadow, China trade takeaways

For all the attention on gold this year, silver has been the better performer with prices increasing by over 25% year-to-date. While silver has benefitted from the expansion in China's solar industry, consolidation in the sector may slow the pace of growth in silver demand in the near term. The upshot is that silver prices are unlikely to rise as strongly as the 10% increase we expect in gold prices between now and end-2025.