Last Updated : 28 November 2012 at 15:15 IST
Silver may be ready for a rally above $44/oz by year end: TDS
Source :Commodity Online
The combination of industrial consumption, investor demand and a poor primary silver production outlook next year prompts them to think that the metal could trend above $44 an ounce by the end of the year.
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NEW YORK (Commodity Online): Silver may be ready for a rally above $44 an ounce by the end of this year, said TD Securities in a commodity snippet.
According to TDS, the combination of industrial consumption, investor demand and a poor primary silver production outlook next year prompts them to think that the metal could trend above $44 an ounce by the end of the year.
TDS also noted that, palladium has potential for much upside over the next year. They expects the metal to trade near $975 an ounce in roughly a year due to a deficit in 2013, diminishing supplies out of Russia and South Africa, plus firm investment and demand from the auto-catalyst sector as the Chinese and U.S. economies strengthen.
“It was not surprising to see the metal fare well after the bullish supply/demand report from Johnson Matthey this month calling for a supply deficit this year,” said Bart Melek, director of commodity strategy with TD Securities.
“We expects palladium to post a deficit of some 876,000 ounces in 2013 and 1.123 million in 2014, building on a projected deficit of some 780,000 this year. We like platinum for similar reasons,” TDS concluded.
