In a presentation Wednesday to the Silver Institute in New York City, GFMS forecast an average silver price of US$19.94 this year, a gain of 36% year-on-year.
Despite what currently appears to be a substantial year-end correction in the price, GFMS Chairman Philip Klapwijk said he expects the silver price to trade over US$30 per ounce in 2011, "with the annual average likely to easily surpass the current all-time high of US$20.98/oz."
"However, we are doubtful such elevated levels will be sustained throughout the year, as a result, we seen an annual average either side of US$28 as more likely," GFMS said. "We could also add that a retreat from the over US$30 would not necessarily imply an end to the multi-year rally in 2011."
Read article here.
Related post:
Buy more silver on weakness.
14 comments:
Hi AK
Been reading your blog. Thanks for all the useful info. Am a newbie here. Just wondering is there any other silver accounts beside UOB? And how does one do the monitoring of the silver account ?
Thank you.
lyn
Hi lyn,
I believe UOB is the only local bank to have this. I am not sure about the foreign banks.
You could check the price of silver daily at this link:
UOB Gold and Silver prices.
Hi AK
Thanks :)
Hmm am still considering if I should open an UOB account. Many mentioned abt the charges and admin fees. Are they really much?
Sorry for the many questions
lyn
Hi Lyn,
I believe there is a minimum service charge that is paid annually. So, if you are investing a smallish sum, you might find the service charge too much. :)
Yea, that's why considering if I want to open the account. Smallish amount is less than $5K?
Been surfing but not much info on investment in silver :(
regards,
lyn
Hi lyn,
Off the top of my head, I think $2K or less in a UOB Silver Savings Account would make the annual service charge look relatively expensive.
$5K sounds better. :)
ah, haha.:) thanks...will go down to uob to check it out.
Thanks very much.
regards,
lyn
Hi lyn,
No problem. Yup, going down personally to check it out is the best. :)
HI Ak
What do you think of the silver prices now?
Am still deciding if I should buy..
Thanks!
lyn
Hi lyn,
I am not buying at this level, for sure. Of course, I am happy it is doing well but it is just incredible.
I don't like to buy something that is shooting through the roof. I am still waiting for a correction but I could be wrong.
So, the choice is yours. :)
Hi AK
Thanks. Yea, the prices are rather high, Today it went up again :(
Just wondering would there be any correction...ah, tough decision...
lyn
Hi lyn,
Well, in one of my blog posts, I painted the most bullish scenario for silver as $80 an ounce. This is over the course of the next few years. Of course, it was a guesstimate. ;)
I believe that what goes up must come down. No question about that. When? We do not know.
Keep an eye on this and the next time there is a 10% pull back, you might want to buy some as a hedge and if it pulls back further, buy in again. That's what I would do. :)
That's true. Will have to hang on first and see how it goes.
Thank you once again for your valuable advice :)
regards
Hi lyn,
No problem. Good luck. :)
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