There has been a general undermining in the value of Gold and Silver over the last 3 to 4 years as quantative easing has progressed. In the past it has been silver that has had the dramatic moves but over the last year the gap between highs and lows has been a ‘mere’ 25% and the current price of just over $18 is close to where it was last April. Production of Silver Eagles in the US was halted last August due to lack of demand. However, Silver is a major industrial metal with over 50% of world production being used in industrial processes and since 2012 there has been a production deficit. A move above $19.00 could see silver producers gaining momentum in the market. Stocks with a high beta could provide a greater swing because they are more likely to reflect any move in the price of silver including Hochschild Mining Plc and Endeavour Silver Corp (featured in Signals on April 5th).