Silver prices should spike higher with gold hitting a new all-time high above $2,500 an ounce, said John Ciampaglia, CEO of Sprott Asset Management. 

Last week, Ciampaglia spoke to Kitco Mining. 

Western investors are finally starting to show an interest in gold, noted Ciampaglia, driven by concerns about market disruptions and geopolitical risks. However, gold miners haven't seen the same level of interest, which Ciampaglia attributed to the lack of institutional investment. He also noted the recent pause in China's gold buying, interpreting it as a strategic move to influence the market.

While gold has hit successive record highs this year, Ciampaglia said  he believes silver is undervalued. The metal is supported by industrial applications, as well as being precious. Silver usually rallies after gold. 

“It's mind-boggling to us that silver is still below $30. It is obviously way off its 2010 highs, and we would love to see it get back to the $50 level,” said Ciampaglia. “We think it has the ability to do that over time.”

Regarding contrarian metal bets, Ciampaglia expressed concerns about the overcapacity in copper, lithium, and nickel markets. He suggested uranium as a contrarian play, expecting a better market in the second half of the year.

Sprott Asset Management is focused on precious metals and critical materials investments. Sprott runs a physical uranium trust, a physical copper trust and mining equity ETFs. Sprott was founded in 1981 by Eric Sprott. 

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