Raw materials: Silver and platinum are catching up

Gold/silver ratio above average

Fritsch sees a key reason for the growing interest in the "clear undervaluation of silver compared to gold." In April, the gold-to-silver ratio climbed above 100 – a level last reached during the coronavirus crisis. Although the ratio has now fallen to 93, it remains above the five-year average of just over 80. "This discrepancy is apparently attracting increasing investment," says Fritsch.

David Hartmann of Vontobel confirms this: Over 90 percent of the silver products traded at Vontobel are call options – products with which investors bet on rising prices. Particularly popular is a soon-to-expire discount warrant ( DE000VD2BZM5 ), which pays out the maximum amount if silver is trading above $35 on the final valuation date.