Chart Of The Week: Silver Miners Vs Gold Miners

You’d have to be living under a rock to not know that gold is surging this year. And gold miners are performing even better than the metal itself. In a sign that the rally in precious metals might be getting a little more speculative, silver has started to outperform gold. And silver miners are outpacing their gold cousins:

That doesn’t mean the precious metals rally is nearing its end. From a longer term momentum perspective this trend is very young. But it does mean it is entering a more speculative phase. Your allocations to silver or silver miners should probably be fairly small relative to your gold positions and your overall portfolio.