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FastMarkets reported that according to HSBC, silver will record a deficit of 11 million ounces in 2015. In 2014, the white metal is expected to see a surplus of 3 million ounces.
Many analysts see silver staying steady at around $21 per ounce in 2014, but others believe a number of factors may push the white metal up.
China and Japan’s plans to increase their solar generation capacity in the near future could give silver prices a significant price boost.