Precious Metals

Reuters poll revises silver performance forecast

Graphic captures silver's performance thus far during calendar year 2017.

Graphic courtesy of Reuters.

Precious metals market analysts and traders who recently participated in a Reuters poll don’t believe silver will perform as well during 2017 as projected earlier in the calendar year.

The recent poll of more than three dozen market participants suggest the average price of silver will reach $17.32 per troy ounce, nearly 4 percent below the $17.98 per ounce forecast in a Reuters poll conducted three months ago.

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The revised forecast is just 1 percent above the 2016 average price of silver of $17.09 per ounce.

Of the four primarily traded precious metals — gold, silver, platinum and palladium — silver was the worst performer during the second quarter of calendar year 2017, which ended June 30.

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However, Harish Galipelli, head of commodities at Inditrade Capital, is quoted by Reuters as stating that silver, which is used heavily in electronics applications, could experience a resurgence in late 2017 going into 2018.

Reuters reports poll respondents believe silver could rise in 2018 to an average of $18.30 per troy ounce, the highest annual average in four years. Still, the projection from the second quarter 2017 poll falls 3 percent short of what was forecast in the first quarter poll.

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