(Bloomberg) -- After trailing gold last month, silver is outshining the yellow metal again.

An ounce of gold bought as little as 73.1 ounces of silver on Friday, the smallest ratio in almost a month. Holdings in ETFs backed by silver are nearing an all-time high. This month, spot silver is up about 8.5%, compared with gold’s 5% increase.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.