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Silver prices have rallied in 2016, tracking gains in gold. Gold prices have been boosted by demand for safe haven assets, as well as, expectations that the Federal Reserve will not hike its benchmark interest rates more than once in 2016. Those expectations suffered a blow last week after the minutes from the Fed’s most recent meeting showed that a June rate hike was possible.

As gold prices have seen a pullback, silver has also struggled. The chart below shows a pullback in silver in the last few trading sessions.

Screen Shot 2016-05-26 at 9.34.42 PM

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However, I would not write off silver completely. Unlike gold, silver has industrial uses and demand for metals such as silver and platinum have been improving. ScotiaMocatta said in a report late last year that the silver market could be in deficit in 2016 and in 2017. Given the fundamentals, it does look like that silver will decouple from gold.