UBS Lowers One-month Silver Price Forecast by 10 Percent

Platts reported that UBS AG (NYSE:UBS) has reduced its one-month silver forecast by 10 percent, to $14 per ounce.
Meanwhile, the bank has reduced its one-month gold price outlook by 13 percent, to $1,050 per ounce. It’s set its one-month platinum price outlook at $950 per ounce and its one-month palladium outlook at $600 per ounce. Those are reductions of 12 and 10 percent, respectively.
As quoted in the market news:

On a three-month horizon gold was cut by 4% to $1,125/oz, silver by 2% to $15,50/oz, platinum down 7% at $1,050/oz with palladium at $680/oz, down 7%.

Analyst Joni Teves told the news outlet:

For [precious metals excluding gold], internal drivers remain limited right now and we expect this trend to continue — as such, much of the direction over the relevant forecast period is likely to be driven by gold along with the broader commodity complex.

Click here to read the full Platts report.