Silver – an each way bet?

We’ve written before on many calling for silver to outperform gold this year given the current historically high gold silver ratio and potential for an imminent large short covering event. But others see silver as an ‘each way bet’ as its strong industrial use off a low supply base will benefit from any real sustained recovery if that actually happens, something that may work against gold’s price.  In 2013 silver’s investment demand was at near all time highs (and in say Eagles coins, all time highs) despite the bearish market.  It appears it’s price was artificially dragged down with gold given in ETF’s the SLV saw basically no redemptions whereas GLD’s was prolific.  Silver’s industrial uses are all in key growth areas of electronics, medical and photovoltaics (solar panels).  There appears to be multiple forces at play on a silver recovery.