Last Updated : 04 January 2013 at 15:15 IST
'Silver to average $24/Oz in 2013'
Source :Commodity Online/HSBC
HSBC expects the long-term average price of silver to trend upward from $15/oz to $20/oz.
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NEW YORK (Commodity Online): Silver prices to average $24 an ounce this year, as per HSBC Holdings PLC 2013 predictions.
According to HSBC’s macroeconomic forecasts indicate that industrial purchases of silver will increase substantially in 2013, countering the new mining surplus. Electronic and electrical industries, such as solar panels, are expected to produce much of the demand. Electronic cameras should have a distinct impact as lower demand for silver products for use in photography means fewer recycled silver nitrates will enter the supply chain.
There has been little change in the demand for jewelry and other non-industrial silver products in recent years, though the overall trend is positive. While uncertainty over the economy may weaken consumer demand for luxury goods, lower silver prices may encourage interest in jewelry purchases.
Currently, global events are likely to help maintain higher-than-average silver prices over the next 12 to 24 months. Economic stability and a return to normal market growth patterns would probably end the silver rally.
Such changes remain unlikely in the current geopolitical environment, since government policies would need to be rewritten to oversee the precious metals commodity market. Over the next five years, HSBC expects the long-term average price of silver to trend upward from $15/oz to $20/oz.
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