Silver At A Turning Point; ETF Securities See Prices Up 17% By Year End
(Kitco News) - With silver retaking a key price level earlier this week, one fund management firm sees the market at a key turning point with untapped upside potential.
Maxwell Gold, director of investment strategy at ETF Securities, said that they are seeing renewed interest in the grey metal as prices continue to recovery from its more than 1-year low, seen early last week. Gold’s comments come as September silver futures have pushed above the key level of $16, last trading at $16.275 an ounce, relatively flat on the day.
ETF Securities is forecasting silver prices to end the year around $19 an ounce, which would represent a 17% gain from current prices. Gold said that one of the reasons why his firm is optimistic on silver is because investor interest, particularly in silver-backed exchange traded products, is growing as prices push off its recent lows.