Each issue of the Silver Book will contain:
In the July 2011 issue of the Silver Book, published by VM Group and ABN AMRO Bank, we examine the short to long-term prospects of the silver price and explore the past, current and future price drivers. Silver prices were heavily overbought in March and April this year, and were due for a correction in May. That however did not mean silver was in a bubble, as the positive longer term fundamental investment outlook remains intact. When looking at inflation adjusted prices, silver is still relatively cheap and well below its all-time highs of plus $120/oz set in 1980. This is due to silver’s lost decades when the metal was a depressed asset in the 80s and 90s. Despite the impressive gains witnessed in recent years the silver market has still yet to experience annual average gains seen in the 1970s. Upside risks for silver prices over the longer term outweigh the potential near-term pitfalls, in our view, and will be supported by heightened investment appetite, due to high sovereign debt levels, and by the new industrial end uses that will see physical offtake rebound from decades of decline, leading to a narrowing of the persistent market surplus.
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