$165-an-ounce silver within three years predicts Charteris fund manager
Silver prices will hit $165 an ounce within the next three years, five times the current price, predicts Charteris mixed asset fund manager Ian Williams, the latest in a string of bullish recent calls from precious metal analysts.
‘Silver is about to enter a sustained bull market that will take the price from the current level of $32 an ounce to $165 an ounce and we expect this price to be hit at the end of October 2015,’ he told The Daily Telegraph.
Technical analysis
‘This forecast is based entirely using technical and cyclical analysis and is in keeping with the mathematical form displayed so far in the bull run that has taken Silver from $8 an ounce in 2008 to its current price of $32 an ounce – having hit $50 an ounce in 2011.’
He expects silver to be considerably more volatile in price moves than gold but ultimately deliver a strong outperformance. Like many precious metal analysts he thinks the re-election of President Obama is very supportive of prices given that Ben Bernanke will continue to print money at the Fed, and has promised to keep interest rates low until at least mid-2015.
ArabianMoney has also noted that the so-called Golden Cross where the 50-day moving average price for gold crosses over the 200-day moving average points to $130-an-ounce silver in the next major price move.
Exact timing
The far more difficult call to make is precisely when this upmove will start. It may already have started with last week’s spectacular 6.5 per cent post-election surge in the silver price, or there could still be a sell-off with other risk assets in a big market downturn.
That said, while the S&P 500 had its worst week of the year last week, precious metals moved in the opposite direction. Silver investors will be hoping that trend becomes their friend.
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