Silver Price: $20 in 2010?

Bank of America Merrill Lynch has said gains in the silver price spurned on by robust investment demand will continue as rebounding economies drive industrial demand. “After the recent sharp price rises, we are cautious on silver in the near-term, but we believe that a spike toward $20 an ounce is possible in 2010.”

After posting continued gains Monday morning, commodities prices fell across the board in the afternoon as the dollar bounced back from last week’s 14-month low against the euro. The silver spot price had touched $17.80 an ounce before dropping as low as $16.98 to finally close down 3.4 per cent to $17.10.

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