A host of positive drivers have pushed up bullion by around 14% since the middle of February.
Silver’s advance can be traced to Reddit’s WallStreetBets forum.
Commodities are benefiting from an end-of-year surge due to a positive outlook for 2020.
The standout feature in commodity markets last quarter was crude’s swoon from four-year high into a bear market.
The firm says the impact of the trade war on commodity markets will be "very small."
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