this is from the hightower report (via casey research.) it appears silver benefits from industrial demand even when copper doesn't:

The Hightower Report noted silver’s success thusly: “Silver initially traded sharply higher as the market seemed to find both chart based buying support and demand interest inspired from a better macroeconomic outlook. Seeing improvements in US manufacturing, housing and consumer sentiment has improved traders sentiment in the silver market which lifted July silver to the highest price level in over a month. With Bernanke also seeing economic conditions improving, the prospects for a pick up in industrial metals demand seemed to provide silver with stronger price support than gold. In fact, the silver market was able to hold onto a good portion of the day's gains despite the recovery in the Dollar and a sharp break in copper and that may suggest the fundamentals supporting the silver market could be a bit stronger than gold's.”

http://www.caseyresearch.com/display...