Analysts See Silver Averaging $18.80 per Ounce in Q3

iNVEZZ.com reported that the five most-accurate precious metals analysts tracked by Bloomberg believe silver will achieve its lowest average price since 2010 in the third quarter of this year. Specifically, they see the white metal at $18.80 per ounce during that time.

As quoted in the market news:

While industrial demand will put a floor under silver prices, declining safe-haven demand will put a cap on their upside potential, according to analysts. The increased likelihood of range-bound movement will put pressure on miners to control costs. Most mining companies expect a cost-per-ounce of $16 to $18 in 2014.

‘The big X factor is the investment demand — overall investment demand has been stickier than gold, and that’s why prices have come off,’ Mitchell Krebs, Chief Executive Officer of Coeur Mining Inc., told Bloomberg in an interview from Toronto. ‘A global economic pickup gives a more bullish scenario for silver,’ he added.

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