When investors look at silver’s performance over the past two years, it’s tempting to focus on the headline numbers. Silver is up significantly. In percentage terms, it has outperformed gold, platinum, copper, equities, and bonds over much of that period. That fact alone has drawn attention. It’s up 180% over the past 24 months.

But as with any asset, the more important question is not what went up, but why, and whether those forces are durable.

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Where Do Metals Fit In The Portfolio?