Does the price of gold affect the price of silver?

The price of gold does not affect the price of silver. Simple values of supply and demand are all that govern the price of silver. Unlike most other precious metals, the demand for silver is not volatile.

Silver's value is driven by factors of industrial, medical and investment demand. On occasion, political climate may impact the price of silver as well. Silver is the precious metal that has seen the highest spike in value since 2002, and it may continue to trend upward in the near future. The need for silver among the industrial and medical industries is likely to keep the price steady if not soaring higher, as of 2015.