HSBC Expects 2015 Silver Deficit of 11 Million Ounces

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.

As quoted in the market news:

The deficit comes mainly from a reduction in mine production, lower scrap supplies as well as a cea halt to government sales. Consequently, the small but persistent deficit should limit further price declines.

Despite the deficit forecast, the bank is keeping its average price for silver outlook at $17.65 for 2015 and expects the precious metals to trade in the price range between $15 to $21 per ounce.

Click here to read the full FastMarkets report.