A worker holds silver pachinko balls at a pachinko parlour in Fukaya, north of Tokyo.
The price of silver has rallied over the last week, pushing the gold/silver ratio back to around 75x, from 83x at the beginning of March, according to figures cited by analysts at Capital Economics.
"Admittedly, the surge in the silver price has also been flattered by the recent weakness in the US dollar, which may not be sustained if the Fed hikes rates sooner rather than alter," the Capital Economics team argued.
"Nonetheless, further recovery in industrial metals prices should see silver continue to outperform gold over the next few years."
Typically, silver prices closely track gold prices, which means that when gold surges, silver follows soon after.
However, the past year has seen a sort of unusual spell where silver prices trailed behind gold prices, which surged like crazy amid volatility.
Silver is up 4.44% up at $16.98 per ounce as of 3:02 p.m., after reaching as high as $17.02 per ounce earlier in the morning.
Capital Economics