Seems like an appropriate hedge as gold (priced in US Dollars) tends to rise when the Euro is rallying & vice versa. Of course, the most likely scenario is that one of those trades will profit while the other loses although that’s not set in stone as occasionally gold will rally while the Euro falls. Best of luck on the trade if you take it.

Most likely. Silver, as with the miners, tends to rally more than gold when gold is rallying & drop more when gold is correcting. Sometimes you’ll get a temporary disconnect between the strong positive correlation between gold & silver (both rise & fall together) but for the most part, silver will ebb & flow with gold. One exception is when economic fundamentals are clearly deteriorating as silver tends to be affected more as industrial metal than gold. Both have industrial applications but at times, gold can rally on a flight-to-safety bid while silver underperforms.
As of now, I think silver will likely rally with gold unless the economic outlook suddenly changes for the worst.