Will silver shine in 2009?
GFMS’ World Silver Survey has recently been published showing results from 2008 and predictions for 2009. The metals consultancy sees mine production in 2009 falling slightly, with output expected to decline from all by-product sectors except gold. It also sees the price of silver remaining volatile, with investors becoming even more important to its level and direction. It notes strong investment between January and April of this year - much of it centred on ETFs and bullion products - and is forecasting that over the next three months silver will trade at around $11.50-14.39, broadly shadowing gold. It warns however that silver supply and demand fundamentals will turn negative, with a substantial surplus having to be absorbed by investors. Overall, it sees supply set to decline by around 2% this year. (more…)
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