Why silver is the new gold

It is a fabulous time to be a gold bug. Not long ago, outing yourself as one was a good way of getting people to back away from you at an investment conference. The popular image was of someone in possession of their own electricity generator, stacks of water-purification tablets and several years’ supply of tinned food. Now it just features a shrewd investor. Since the start of 2023 the shiniest asset’s price has soared by nearly 60% in dollars. That is more than any of the world’s leading share indices—including, after a turbulent couple of weeks, America’s S&P 500.