#XAGUSD @ 18.591 Silver Price Analysis: to trade below $20 towards year-end – ANZ
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Silver (XAG/USD) extends recovery. However, economists at ANZ Bank expect the precious metal to remain below the $20 level for the rest of the year.
“Indian imports are hitting record high levels, while demand from the solar sector is offsetting weaker demand from the electronics sector. Nearly 50% of the increase in demand (+27Moz/y) for industrial silver this year comes from the solar sector.”
“According to the Silver Institute’s estimates, the market remains under-supplied by 75Moz this year, though we see a modest deficit of 32Moz. Nonetheless, silver is still vulnerable to any economic slowdown and gold price correction.”
“We expect silver to trade below $20 towards the end of the year.”
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