The gold – silver ratio is currently at its highest level since 1993, having touched 90.28 at the end of May, and 90.17 last week.

The ratio - how many ounces of silver buys an ounce of gold - is used by investors as a price measure for the two precious metals; when the ratio is low, gold is arguably cheap, but when the ratio is high like it is now, then silver can be considered undervalued.

Silver has been in a bear market for the past decade now, with investment bankers UBS saying that it is falling behind when considering the large industrial usage of silver. In a note to clients, UBS said: “On this front, silver has met challenges given risks to global growth amid higher tariffs and continued trade tensions between the U.S. and China”.

The price of silver is currently £11.64 per ounce but has fallen this year by 4.21% since the turn of the year, while being down 6.89% from 2019’s peak price of £12.54 per ounce.

Another factor weighing on silver is the price of gold, which is currently stuck between £1,045 and £1,050 per ounce. The will he/won’t he threat of trade tariffs from Trump’s America against an array of other nations, as well as the ongoing trade war with China, has contributed to driving the global price of gold up in US Dollars as the stock markets display greater volatility. On top of the recent 3% rise in gold price, the UK then has the ongoing uncertainty of Brexit driving up the domestic gold price. Trade fears are putting investors off and are instead turning to alternate investment opportunities – such as gold - to preserve their wealth.

If the trade war between the US and China can be resolved, silver could see a resurgence as the solar industry begins to recover from the damage of the last three years, but with tensions still fraught, it’s likely that silver prices will remain subdued in the short term.