Investors arguing that this gold market is not yet exciting can still point to silver to make their case.

In a good gold market, silver outperforms. That is not yet how this market is developing: gold has been rising and silver lagging. As a result, just last week the gold:silver ratio hit its highest level in almost 30 years after a year-long run.

I don’t want to dive into the silver market in depth here, so I’ll keep it simple by saying that silver is both a precious and industrial metal. Those dual roles mean silver often performs better that gold in strong economies, when safe havens are not needed but industrial silver demand is strong. But silver also often slingshots past gold in strong gold markets as investors, perhaps after ‘missing out’ on gold’s initial gains, pile into the other precious metal.

We aren’t there yet. Gold is up but silver has struggled. In the last week, however, the price started to move and further drivers are now starting to develop. So far in July silver ETFs added 20 million oz., taking total holdings to a cyclical high near 550 million oz., and open future interest increased significantly.

If US$1365 per oz. was the price to watch for gold, US$16.20 per oz. is the price to watch for silver. If it gets above that, the next resistance is just above $17.

If you like silver, some reliable producer ideas are Pan American Silver (TSX: PAAS) and Fortuna Silver (TSX: FVI). Both are up in the last two days but if these silver signals are correct then there is more to come. MAG Silver (TSX: MAG), in the Maven portfolio, is also up in the last two days because of silver momentum.