HSBC sees silver stalling out at $23

  • LONDON (Aug 6) HSBC’s James Steel and Howard Wen predict silver’s (SLV) price, down ~35% YTD, is likely to hover at $17-$23/oz. for the remainder of 2013, thanks to the rising supply of the metal, the dampening effect of Fed policy shifts and weaker demand from ETFs.
  • On the plus side for silver are higher demand in jewelry, industrial applications, coin and bar sales, and from India, but the firm thinks none of those are enough to counteract negative trends.