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Silver to average USD 19/Oz this year – GMFS

FXStreet (Mumbai) - The Gold Fields Mineral Services (GFMS), in its interim silver market review, predicts that spot silver will average USD 19/Oz, which is a 20% decline from the last year’s average.

GFMS Thomson Reuters’ Andrew Leyland cited a falling physical demand as the reason for the fall in the average price forecast. Leyland sees physical demand declining by 6.7% this year after a weak first half. GMFS Thomson Reuters said the industrial usage fell 1.8%, jewellery declined 4.4%, while Silverware declined 6.3%.

However, the demand for silver coins and bars has shot up in the recent weeks as bargain- hunting investors from isolated countries like India returned to the markets. Moreover, Indian imports of silver rose 14% year-on-year in Jan-Oct period.

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