"Last year there were the disenchanted long-term investors who didn't see the collapse of the financial markets," he explained. "There were also disenchanted short-term investors as the price fell, who drove down the price of gold further."
"We've seen this increase in long-term investor demand last year which has continued this year."
"There are some major structural shifts in the nature of demand for silver right now," said Christian. "While short-term investors were liquidating their gold ETF positions last year, they basically held on to their silver positions. Silver has underperformed relative to gold because gold is a much more fundamental and global financial asset."