Silver likely to reach $21.50 an ounce this year

UNITED STATES July 07 2016 10:01 PM     

NEW YORK (Scrap Register): British bank  HSBC sees potential for silver to hit $21.50 an ounce this year.  

Comex September silver closed Wednesday at $20.203 an ounce and was as  high as $21.225 an ounce at the start of the week before a correction.  

"Silver is back above $20 an ounce and gaining on safe-haven flows and  overspill from the gold market," said HSBC.

"In addition to traditional  retail demand, silver is also attracting technical and momentum trade buying. It  looks that silver can reach $21.50 an ounce this year, although it may be  subject to increased volatility."