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Home / Metal News / Silver may track Gold despite industrial demand

Silver may track Gold despite industrial demand

Jun 8, 2016 09:51

Source:SMM

Citi Research said that industrial demand is unlikely to provide a silver lining for silver, with the metal eventually weakening whenever gold does.

UNITED STATES June 07 2016 11:18 PM

NEW YORK (Scrap Register): Citi Research said that industrial demand is unlikely to provide a silver lining for silver, with the metal eventually weakening whenever gold does.

Silver is a pseudo-industrial metal with many applications from photography to photovoltaic; still, the rolling 30-day correlation to gold remains high at 0.85, the bank added.

“As such, we note structural trends have a limited influence on market prices and suggest a combination of weakening gold prices as well as improved supply -- including scrap -- would point to silver prices averaging just over $15 an ounce in 2017, down from this year’s average of $16.20 an ounce.”

Citi issued an upbeat report on gold for the second half of the year on Monday, but nevertheless said it looks for gold sentiment to eventually soften by year-end

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Silver may track Gold despite industrial demand

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