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Will Silver Rise in 2014? Here are some reasons why there’s building confidence the white metal is ready to make a move
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Will Silver Rise in 2014? Here are some reasons why there’s building confidence the white metal is ready to make a move

 

Straightsilver.com, Miami Beach, FL – January 16, 2014

Many analysts see Silver selling at a minimum of $21 per ounce in 2014.  However, there are some silver bugs that have a more aggressive outlook for Silver and think that this year 2014 may bring increased strength in the silver market that will result in a strong price increase. Let’s take a look at four major factors that could influence silver and support the price move in 2014.

1. Production Costs

During the time period of July through September 2013, the costs to extract silver from the ground had a average cost basis of $21.39 per ounce,  The mining costs at those levels are above the price that silver is trading for right now. Silver settled in around $20.26 per ounce at yesterday’s close.

2. The United States Economy

The US Federal Reserve decided to reduce its bond-buying program at the end of 2013. The central bank plans is to lower it by $10 billion, to $75 billion a month starting this month. Historically, this tactic can result in a weakening of the US dollar. This result is positive for precious metals such as Silver and Gold. The reduction is based on a improving economy which could result in a increase industrial demand for the Silver.

3. Potential Stock Market Pullback and re-allocation into Precious Metals as a Safe Haven trade

From a technical standpoint, many traders believe that Silver is in an oversold position similar to 2001 and 2008. These types of set ups can be followed by strong movements to the up-side.and that’s bullish to buy Silver now before the prices move higher again. This coupled with the fact that in 2013, the stock market saw substantial gains in the stock market and many are analysts are looking for a correction in 2014. If this happens, this is just another reason to use Precious Metals as a “safe haven” trade.

4. Asian silver demand

China and India are increasing their imports amounts of silver and gold. If demand from those locations continues at the same pace, silver prices could see a big spike to the upside.

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