Gold down this morning in continuation of yesterday’s turn south, Silver Insitute forecasts 46% average price gain for silver in 2021

(USAGOLD –2/12/2021) – Gold pushed lower this morning in a continuation of yesterdays turn south. It is down $13 at $1815. Silver is level at $27.07. Even with the weakness of the past two days taken into account, gold is up about 1% on the week. Silver, showing more underlying strength at the moment than its traveling counterpart, is up almost 2.5% on the week. The Silver Institute is out with its forecast for 2021. It sees global silver demand going over the one billion ounce mark in 2021 and posting an 11% gain over 2020.  A large part of that gain, it predicts, will be in the investment arena.

“Going forward,” says TSI, “the outlook for the silver price in 2021 remains exceptionally encouraging, with the annual average price projected to rise by 46 percent to a seven-year high of $30.00. Given silver’s smaller market and the increased price volatility this can generate, we expect silver to comfortably outperform gold this year. … Further upside is expected this year for physical investment, which is anticipated to rise to a six-year high of 257 million ounces, though short of the record high level of over 300 million ounces achieved in 2015. This projection reflects current demand in the all-important U.S. market, which has enjoyed a robust start to 2021, with overwhelming demand causing product shortages.”

Chart of the Day

Silver Price Annual Average
(1971-2020)

bar chart showing the average annual price of silver 1971-2020
Data source: macrotrends.net • • Chart by USAGOLD.com • • • Click to enlarge

USAGOLD note:  As you can see in the chart above, silver posted an average price of just over $20 in 2020. In its annual forecast quoted above, the Silver Institute projects an average price of $30 in 2021 – a 46% gain based on the average.

Share
This entry was posted in Daily Market Report, dailyquotes, Today's top gold news and opinion. Bookmark the permalink.