Is there any hope for a recovery in gold and silver prices by year end?
Precious metals analyst Suki Coper discuses the prospects for the gold and silver markets in an interview with Bloomberg Television.
Ms. Coper notes that silver tends to follow the gold market but should show more price weakness relative to gold. In order for the price of silver to stabilize, the precious metal needs investment support from both the industrial and investment side. Economic weakness in both China and Europe currently portend weak industrial demand for silver.
Despite the current weakness in both gold and silver, Ms. Coper sees the price of gold approaching $1,500 by the end of the year.
Since the beginning of the year, the price of gold has dropped by $303 per ounce or 18%, to a closing price of $1,378.50 at the close of Tuesday’s trading in London.
Silver’s price decline has been even steeper than gold with a drop of $9.07 per ounce or 29.4% since the beginning of the year.