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Silver tends to track gold quite closely but as the global economic activity have slowed down so has the industrial demand for silver which in turn have seen it underperform gold to the extent that the price relation between the two metals have returned to its five year average at 58 ounce of silver to one ounce of gold.

The risk here is that we are slightly early with our upgrade call. After all, industry cargo data (usually a good leading indicator of airline share prices) is still deteriorating and IAG themselves say that October premium and cargo looks slightly softer, said the broker?

Were one only 19 countries rated AAA by Moodys were now the only highly-rated country with notch gap our ratings with Moodys Standard Poors, English said.

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