Silver is the one metal 'that is going to play catch up' - Keith Neumeyer

The strong rally in precious metals was a bit of a surprise for First Majestic Silver (NYSE: AG) CEO Keith Neumeyer.

Neumeyer spoke to Kitco on Friday at the Deutsche Gold Messe show in Frankfurt, Germany.

Two pieces of news last week propelled gold higher: headline inflation rose to 6.2%, and the $1 trillion U.S. infrastructure bill was signed into law. Gold had a solid breakout trading above $1,850 an ounce during the week.

Neumeyer commented.

"The move surprised me a little bit, because the economy is still doing quite well and interest rates really haven't come down," said Neumeyer.

"The metal that surprised me the most is silver. You've got oil at 80-plus dollars. You've got copper at $4-plus. You've got natural gas north of $5--look at all the grains. Everything's been moving except silver," said Neumeyer. "That's the one that I think is going to play catch-up."

Spot silver was up about $1 for the week, closing above $25 an ounce.

"Gold--in my view--is going to reach all-time-highs but probably not until next year."