Silver to Reach as Much as £25 per Ounce this Year
The groups world silver survey have shows it’s expected that in 2012 silver is likely to reach as much as £24.82 an ounce, according to the global head of metals analytics for Thomas Reuters GFMS – Phillip Klapwijk. Presently and ounce of silver is trading for around £19.80. Phillip also predicted that silver will be “more volatile” than gold with the possibility of silver showing some weakness in the second quarter of the year. Figures also show that silver had an annual average price of £21.80 per ounce last year in 2011, nearly doubling its annual average of £9.11 per ounce in 2009. Klapwijk also said the annual survey also revieled that sales in silver were high last year, which has cited strong investment demand and frequently increased interest from China. We believe that the rise in silver price per ounce is due to its high demand in fashion jewellery trends that brands have pushed into the market, making the metal a desirable to wear as jewellery.