Gold and silver kicked off the week on a very positive note, up 2% and 5% on the day, respectively. The gold-silver ratio is now below 73, which is a sign that silver is catching up to gold, according to Commerzbank.

“The fact that the gold/silver ratio is at 73 reveals that silver is now only marginally undervalued as compared with gold,” Commerzbank analyst Carsten Fritsch writes. One of the driving forces behind silver’s stronger move up is ETF inflows.

“Unlike gold, silver ETFs have been registering robust inflows in recent days. ETF investors apparently viewed the significantly lower silver price in the interim as a buying opportunity,” Fritsch explains. Meanwhile, gold is seeing less ETF demand.

“Interest among ETF investors has been cooling noticeably for a good week now. Friday saw the sixth consecutive day of ETF outflows – the last time this happened was in mid-March. The outflows are attributable almost entirely to the SPDR Gold Trust, which is used primarily by institutional investors,” says Fritsch. Both gold and silver are fading support from weaker U.S. dollar and falling bond yields this week.