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« Debt Crisis Poking its Head Up Again in Europe | Main | Top 5 Mexico silver miners increase Q1 output »

Silver to Average $19 per Ounce in 2014: Thomson Reuters GFMS

Silver’s average price in 2013 was $23.79 per ounce, 23.6 percent lower than the previous year, Thomson Reuters GFMS states in its World Silver Survey 2014, released yesterday. That’s the metal’s largest year-on-year percentage decrease since 1985, when it sank by 25 percent, and its second double-digit decline in a row.

Those numbers raise the question of what went wrong last year. CPM Group provided an answer back in April, stating that shorter-term investors “disillusioned by the inability of silver to rise strongly following the highs reached in 2011″ were “primarily responsible” for the metal’s fall. That’s because they moved “their funds into other asset classes like equities and real estate that [are] perceived as providing better profit opportunities.”

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To go to the The Silver Institute News release plaese click here.

The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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