Ole Hansen, Saxo Bank’s head of commodity strategy, says precious metals have been the best performing sector among commodities this week with the markets supporting gold and silver.

A weaker dollar against the yen, weaker growth numbers in the US further reducing the risk of higher rates and the stock market starting to react negatively to a strong yen are all leading to the continued buying of previous metals, he says.

Silver is on a strong path, says Hansen, but he adds that some resistance could be encountered around 70.00.