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Gold and silver should see further appreciation in 2018 through 2020, said David Morgan of The Morgan Report. In an interview with Kitco News on the sidelines of the Vancouver Resource Investment Conference, Morgan said that until gold and silver reach $1,550 and $22 an ounce, respectively, the metals should see a more or less “lackluster” market this year, with silver to grow at a faster pace than the yellow metal. “The above ground supply of silver has increased from 2006 onwards,” Morgan said, “the [above ground silver inventory]depleted from 1990 to 2006, from 2006 to 2018, it’s increased.” However, Morgan said that silver prices are driven more by “demand on the margin” than supply and demand, as historically, silver prices have rallied even during periods of rising inventories. The gold-silver ratio has climbed throughout 2017, last trading at 78 points, but Morgan said to wait for gold to climb higher before switching into silver. “When you get to 80, it’s probably a good time, if you’re metals-bullish, or even gold-centric, to trade your gold into silver.”
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