This　paper　investigates　the　quantile　behaviour　of　cointegration　between　silver　and　gold　prices　by　employing　the　quantile　autoregressive　distributed　lag　(QARDL)　model.　Our　empirical　results　suggest　that　the　existence　of　cointegration　is　mainly　due　to　the　tail　quantiles　outside　the　interquartile　range,　revealing　quantile-dependent　(time-varying)　cointegrating　coefficients　which　may　result　in　the　absence　of　cointegration　in　traditional　analysis.　The　silver　price　changes　are　more　susceptible　to　the　contemporaneous　change　of　gold　than　the　adjustment　from　ECM　at　tail　quantiles.　In　addition,　the　tail-quantile　cointegration　also　appears　to　change　along　with　the　market　states　of　gold.　©　2016