Silver is up over 11% in the last 6 days (the most since Aug 2013) since Britons decided to leave the sinking ship, pushing the white metal above the key $19.50 level - back to its highest since September 2014. Gold has been in great demand also, heading for its 5th straight weekly gain after its best start to a year since 1980 as one analyst noted "gold will remain one of the major beneficiaries in the current backdrop, as heightened volatility and lingering uncertainty will keep investors' risk appetite in check." Silver's recent surge has seen it play catch up to gold, now back at its 'richest' to gold since September 2014.
"It seems that investors are pushing both equities and gold higher simultaneously. One of these will eventually have to give, but for the moment, they each seem to be trading on their own dynamics," said INTL FCStone analyst Edward Meir.
ANZ analyst Daniel Hynes said bullion's upward rise was just a continuation of its movement following the Brexit vote.
"The shock has actually passed but expectations of a rate hike by the U.S. Federal Reserve for the short term has actually fallen quite significantly in combination with the apparent loosening of the monetary policy in Europe driving investor demand," he added.
Societe Generale on Thursday raised its gold price forecasts on fears over the ongoing political, financial and economic fallout of Britain's vote last week to leave the European Union.
"Looking ahead, it seems that gold will remain one of the major beneficiaries in the current backdrop, as heightened volatility and lingering uncertainty will keep investors' risk appetite in check," the bank said in a note.
With Silver catching up to Gold's run...With Silver bursting above $19.50 for the first time since Sept 2014 (before the end of QE3)
"Gold has been on an uptrend and silver tends to catch up," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central.
Leaving Gold at its 'cheaspest' to silver since September 2014...
And finally, it's not just gold and silver, platinum and palladium both rose to their highest since mid-May and were up 1.1 percent and 0.5 percent respectively.