Bank of America Merrill Lynch Cuts 2013 Silver Forecast by 25 Percent

CNBC reported that Bank of America Merrill Lynch has slashed its silver forecast for 2013 by 25.5  percent, noting its vulnerability to weak industrial demand.

As quoted in the market report:

The visible underperformance of silver prices was, in our view, heavily influenced by a lack of industrial demand. This is perhaps best reflected in silver imports from the U.S. and Japan generally hovering well below the longer-term average in the past 18 months. The picture has been similar in China year-to-date. While the country has remained a net importer, shipments have generally not broken out of the longer-term ranges,” said Widmer.

To view the whole CNBC report, click here.