this is from the wall street transcript:

TWST: Looking at the underlying supply here, mine production hasn't been climbing at any big rate. What's the outlook there?

Mr. Meader: We are expecting a modest increase this year. There's been a handful of new projects that has either started up or coming up to full capacity. So we are going to get a short-term lift in mine production - I mean, not a great one, maybe sort of 3% or 4%, something like that. But I think in the medium to longer term, we do see a gently sloping downtrend at some of the more mature areas wind down. Now the main reason that it's not responding, you could argue, is that, well, a mine takes a long while to sort of bring on stream. And we didn't have the investment in exploration and development, say six, seven, eight years back, that would have been required if we were looking to see mine supply sort of keeping tandem with the price. And another factor to bear in mind is that skilled mine engineers are a finite resource, and if you've got booms in other commodity areas, they may well get attracted to those sectors. And skilled labor and shortages have been a feature of the gold mining industry for some while.

TWST: Does this positive outlook you have for gold extend to other precious metals as well?

Mr. Meader: In essence, yes, the silver will track pretty much what is happening in the gold market, and plus tend to rally faster when the prices are moving up and correct faster when the markets are going down. But the average could broadly move in line with the gold market. And the thing to remember for silver is that it's much more of an industrial metal than gold; half the market now is industrial and that is largely price insensitive. So if you have an improving world economy and that demand comes back, you've got a very good bedrock for the price, which in essence gold doesn't have because jewelry is much more price sensitive, and that's the bedrock of its demand.

http://finance.yahoo.com/news/Silver-Expected-To-Follow-twst-4208399028.html?x=0&.v=1