Silver is likely to drop back again – Commerzbank

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Precious metals prices have recovered of late. But Silver could suffer a setback if the Silver Institute factors the high ETF outflows into its forecasts, strategists at Commerzbank report.

“Next week could see the Silver Institute spark gloomier sentiment again. For one thing, it will probably not be quite as optimistic about global physical Silver demand as it was back in the spring. Accordingly, the supply gap will presumably no longer be quite as high. And for another thing, Silver ETFs have been registering sizeable outflows since the early summer, which could even over-compensate for the deficit.”

“Silver is likely to drop back again somewhat against this backdrop.”

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