Silver's got some catching up to do - USAA Investments

USAA Investments Portfolio Manager Dan Denbow says silver has got some catching up to do with gold. SHOWS: NEW YORK, USA (NOVEMBER 24, 2014) (REUTERS - ACCESS ALL) 1. USAA INVESTMENTS, PORTFOLIO MANAGER, DAN DENBOW, SAYING: JOURNALIST ASKING DAN DENBOW: "You have had an interesting year, let's face it, commodities have been under pressure, there has been a lot of attention on oil but generally the whole commodity complex has been in retreat. You though are looking at silver and you think there are some tail winds for silver going forward, what are you seeing that makes you a little more optimistic than maybe the chart next to us would illustrate there?" DENBOW: "Well I think a couple of things. One I think the silver to gold ratio, you don't pay a lot of attention to it because you know they have different uses. But it is so stretched out at the moment, that it is so wide. Historically it has been somewhere around the 60, 55, 60:1 ratio, divide the gold price by silver price. Today we are through 70, 72:1 so it just seems to be a bit extreme. So it looks like silver, if we do get a rally in the commodities, silver has got some catching up to do. So, even without having a focus on the economic growth which is what the real driver for silver is you still get that catch up trade and I think that will help." JOURNALIST: "Let me ask you about some stocks that you own, silver companies Tahoe Resources. Analysts were actually cutting price estimates on this one, so in terms of when there might be some positive fundamentals to drive this what us it going to be and when?" DENBOW: "Well most of the target price cuts that came out after the third quarter earnings were mostly due to a readjusting silver price forecast. And that is the hard part when you look at quarterly earnings for these mining companies. It is so hard to get the numbers right because the prices are moving so much. They also had a concentrate pricing issue where you deliver your concentrate trade but you ge...











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