Silver in 2011.

To buy an ounce of gold from UOB will now cost S$1,975 while to buy an ounce of silver will now cost S$35.49. Gold fell from yesterday while silver rose. This supports the idea that silver is more likely to appreciate at a faster pace than gold, all else remaining equal.

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."

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