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Silver's Discount to Gold Is the Biggest Since the 1990s

  • Holdings in silver funds rise while gold ETFs shed metal
  • Spot gold most expensive relative to silver since 1995

With gold the most expensive relative to silver in more than 20 years, investors in exchange-traded funds are betting on the cheaper metal.

Bullion is about 85 times more expensive than silver per ounce, a ratio not seen since 1995. Both metals have been hammered this year, falling as the dollar rose and investors opted for the yield offered by stocks and bonds.