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the metal - known as leveraged gold - following its yellow peer to new highs, ”said Mike McGlone, commodity
strategist at Bloomberg Intelligence, in a recent report. While a return to $ 50.00 an ounce is not out of the realm
of possibility, most analysts see a more nuanced rally for the precious metal, with many looking for prices
to push above $ 30.00. Canadian Bank CIBC may be the most bullish on silver as they see prices averaging
next year around $ 32.00 an ounce. “While the commodity has already performed well since the beginning of
the year, this metal has the potential to provide investors with even more torque given the relatively smaller
market for silver versus gold,” said Anita Soni. , author of CIBC’s Precious Metals Outlook. The Bank of America
expects silver prices to surpass gold in 2021. The bank made headlines in November after retracting its
forecast for gold reaching $ 3,000.00 by the end of next year. While the bank is neutral on gold, silver remains
overweight. The bank said it sees silver on average next year at around $ 29.13 an ounce with prices exceeding $
31.00 an ounce. Michael Widmer, metals strategist at the bank, said in a prospects presentation last month the
outlook for silver remains bright as a new focus on green energy could boost demand for solar panels. “Silver is
our favorite game on increasing investment in solar panels,” analysts said in their report. Metals Focus analysts
also see silver prices push well above $ 30 an ounce next year. Industrial demand for precious metals remains a
critical issue towards 2021. “The resumption of industrial silver application is expected to outpace global GDP
growth, with a 2021 drawing close to the 2019 total. Support will emerge from a series of end-uses, including
photovoltaics and automotive demand, “said Neil Meader, director of gold and silver at the UK-based research
firm. According to the analyst, about half of the demand for silver comes from industrial uses, particularly in
solar energy, as silver is a critical component in photovoltaic solar panels. Although the amount of silver in
solar panels has decreased, the demand continues to grow. In a report released in October for the Silver Institute,
the research firm CRU said it expects solar power generation to nearly double by 2025. The company said
the solar industry is expected to use 81 million ounces on average. silver by 2030. Although industrial demand
will play an important role in the silver market as the global economy begins to recover from the COVID-19
pandemic, some analysts note that investment demand will be important. Steve Dunn, head of exchange-traded
products at Aberdeen Standard Investments, said in a telephone interview with Kitco News that he expects
silver will continue to attract investors as it is still relatively undervalued relative to gold. “I think silver’s strong
value play will be an important theme in 2021 for investors,” he said. “Silver has made some big moves this
year but still has room to catch up with gold.” However, not all analysts are optimistic about silver next year.
Harry Tchilinguirian, senior commodity economist at BNP Paribas, said in an interview with Kitco News in
late November that he would see another rally for gold in the first quarter and then lower prices at the end of
2021. He added that a due to their close correlation, the drop in gold prices will also weigh on silver. BNP Paribas
is looking for silver prices averaging around $ 23.50 an ounce next year. Although the Chinese language
sees lower gold and silver prices next year, he added that the Industrial demand for silver will generally help it
outstrip the yellow metal.
Andrea Longo
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