Silver is likely to repeat its success in 2011, reaching $ 40 an ounce in new applications and demand for the industry, said the head of commodity trading in Japan's Standard Bank Plc.
The precious metal is likely to exceed the gains in gold next year, which exceed $ 1,500 an ounce and palladium, Ikemizu Bruce said in an interview in Tokyo. "Unexpected" new applications for silver, as in solar batteries, and industrial application that supports 80 percent of demand, make the metal's appeal to "a lot of famous investors, especially in the U.S. . "Ikemizu said, without elaborating.
Cotton has only won silver in the UBS CMCI index of commodities this year, winning 92 percent to 76 percent of the metal. The precious metal touched a 30-year high earlier this month to reach $ 30.7025 an ounce. Gold, which reached a record $ 1431.25 an ounce on December 7, has advanced 27 percent this year.
Federal Reserve chairman, Ben S. Bernanke boosted the earnings of commodity prices, especially denominated in U.S. dollars, saying that on 6 December that the Fed could expand purchases of bonds beyond the $ 600 billion announced in November to shore up the fragile economic recovery.
Ikemizu prospects, who negotiated commodities for over 24 years and correctly predicted in June that gold will exceed $ 1,300, broadly agrees with the view of 2011 Deutsche Bank AG and Credit Suisse Group AG.
Credit Suisse sees an average of $ 30.10 per ounce silver, gold $ 1,490 an ounce, palladium and $ 795 an ounce next year, the bank said yesterday. Deutsche Bank has offices silver among the 10 commodities in 2011, the bank said Dec. 13.
Silver holdings of European technology platforms rose for a fourth day today, extending from 73 metric tons to 15.163 tons in its highest level since at least February, data from four suppliers of entertainment.
Gold for immediate delivery declined 0.5 percent to $ 1,389.05 an ounce at 3:29 pm in Tokyo. Silver for immediate delivery fell 1 percent to $ 29.1625 an ounce.
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