The silver market is likely to continue its spectacular ascent and touch a record high above $50 a troy ounce this year but could then crash back to earth, according to new forecasts from GFMS, a leading precious metals consultancy.
The grey precious metal has soared 121 per cent over the past 12 months to touch a 31-year peak of $39.73 this week as investors, disillusioned with the actions of central banks and governments, bought it as an alternative to paper currencies.
“In the short term, things have moved spectacularly fast because of the amount of money from investors,” said Philip Klapwijk, executive chairman of GFMS. “I think $50 will probably be taken out this year.”
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