世界白银协会：2019年全球白银投资报告（英文版）

As highlighted above, investor sentiment has strengthened noticeably towards silver (as well as the wider precious metals complex). This is in sharp contrast to recent years’ activity, when many institutional investors had been skeptical towards the metal. This reflected silver’s under performance relative to gold over a near uninterrupted eight year period (the gold:silver ratio rose from 30.5 in April 2011 to a multi-decade high of 93.5 in July 2019). Some investors also remember prices sur