Silver to Stay Below $23 for Rest of 2013, Says HSBC

LONDON (Aug 6) Barron’s reported that James Steel and Howard Wen of HSBC believe that silver prices will move between $17 and $23 per ounce for the remainder of 2013. The metal is down about 35 percent so far this year.

As quoted in the market news:

As goes gold, so, too, at least to a great extent, goes silver. The fear of higher interest rates has investors abandoning gold this year.

On the plus side for silver are higher demand in jewelry, industrial applications, coin and bar sales and India, the world’s biggest silver market, but none of those are enough, in the firm’s view, to counteract this year’s negative trends.