Silver has been much hotter than gold lately, and as we’ve noted it basically trades like a high-beta tech stock. Gold does too, and on “risk on” days it’s usually up.
But when there’s real chaos around the world: Spain, Ireland, North Korea, etc. Silver is nowhere to be found.
It’s all gold (oh, and much to the chagrin of fiat currency haters, the dollar is hot today, too).
Here’s GLD vs. SLV: