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Silver Slump to Last Through 2016, CPM Group’s Study Says

Thursday, October 17th

Silver will extend a slump in the next three years, based on annual averages, as investor demand ebbs, CPM Group said in a long-term outlook.

The metal will average $24 an ounce this year, Erica Rannestad, a commodity analyst at New York-based CPM, said in a telephone interview before the release today of the research company’s 208-page study on industry trends from 2013 to 2022. That estimate was down 23 percent from the Comex futures average of $31.187 in 2012. Last year, the metal dropped 12 percent from 2011.

‘Declining investment demand is expected to weigh heavily on prices in the medium term” with the average annual price dropping through 2016, CPM said in a statement. “Investors will command lower prices in order to absorb the surpluses in the market.”

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