Gold 
“At present investors have been treating silver more as an industrial metal than a safe haven asset. Following the announcement of reciprocal tariffs on 2 April, assets declined across the board but some assets like silver were hit particularly badly, with silver prices wiping out all of their gains during the first quarter of 2025 within a matter of three trading days and falling to their lowest levels since August 2024. On 7 April, silver prices touched an intraday low of $27.54, a level not seen since the middle of August 2024. Silver prices settled at $29.605 on 7 April, essentially back to levels at the start of 2025. Silver prices rose gradually over the remainder of April, but still were lower than the $35.495 intraday high reached on 28 March 2025. Meanwhile, gold prices had broken several record highs during April. Investors are presently focused on the negative consequences of weaker economic growth on silver fabrication demand and have not started to fully price in the safe haven attributes of silver. Investors stepping in to purchase silver as a safe haven asset and inflation hedge should help to power silver prices higher. The economic and political factors that support such safe haven purchasing still are intact.
In addition to the fundamental factors, of deteriorating economic conditions, sticky inflation, and elevated global political tension, that could make silver an attractive portfolio diversifier, the metal also is significantly more attractive on a relative value basis compared to gold, its closest comparable safe haven asset. At the time of writing this report, in early May, the gold to silver price ratio stood at a 102, highlighting silver’s relative attractiveness.”
The full Precious Metals Advisory report is available directly from CPM Group. For more information, visit their website, www.cpmgroup.com
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