A poll of delegates at the LBMA conference in Boston predicted higher prices in a year’s time for silver. Delegates expect silver prices to rise to $15 an ounce by the end of October 2019 from around $14.50 today. The LBMA forecast represents a 3% gain for the year.
In an interview with Kitco News during the conference, Bart Melek, head of commodity strategy at TDS, said he sees silver prices pushing to $17 an ounce by the end of next year, representing a gain of 15.5% from current prices.
There have been several factors conspiring against the entire precious-metal sector in 2018, such as rising interest rates, a strong U.S. dollar and a weaker yuan. Silver was further weighed down by concerns that the global economy will be hurt because of a worldwide trade war. But many specialists think the market is underpricing silver’s potential.
Analysts and traders polled by Reuters this month said they expected silver prices to average $16.40 an ounce in 2019.