"Given the risk of central bank gold activity to the gold price, Deutsche Bank anticipates "the ongoing out-performance of silver relative to gold."
"Indeed we believe the production cuts that have occurred across the industrial metals complex may have important implications for silver," the strategists asserted. "We find that of total silver production, more than 60% is mined as a by-product with other industrial metals such as zinc, lead and copper.
"We believe silver production could face similar challenges to the ones likely to occur across the industrial metals complex as a result of the significant decline in capex spending that has occurred over the past two years," they said."
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