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On a recent edition of The Macro Show, a subscriber asked CEO Keith McCullough why there’s been a growing divergence between gold and silver prices.

While these precious metals may seem similar on a surface level, McCullough explains that there are some important distinctions. Investors should be wary in lumping them together.

“Gold is more tied to the [U.S.] dollar with an inverse correlation. Silver doesn’t have that,” McCullough explains in the clip above.

“Gold went bananas because the dollar came down. Quad 4 [growth and inflation slowing] loves gold, and it does not love silver.”

Watch the full clip above for more.

Why Quad 4 Loves Gold, Not Silver - the macro show