It’s Tough to Be Pessimistic on Silver at Current Prices, Says Portfolio Manager

Silver ‘cheap’ at $15, not encouraging new supply: Sprott’s Maria Smirnova

by Myra P. Saefong
Market Watch

Silver has been a lackluster performer this year, but as investors’ appetite for gold improves, silver might share in the yellow metal’s prosperity.

“It is difficult to be pessimistic about silver at these levels,” with prices that don’t provide an incentive to boost supply, says Maria Smirnova, senior portfolio manager at Toronto-based Sprott Asset Management.

Silver futures settled at $14.867 an ounce on Thursday, down more than 4% in 2019, after last year’s more than 9% loss. In contrast, gold futures at $1,293.30 an ounce that day, were up 1% this year, on track to recoup half of their loss of just over 2% in 2018. “We expect silver to outperform gold,” says Smirnova. “Silver has lacked retail investment demand, so a sustained rally in gold will lead to the speculators coming and buying silver.”

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