After several years of declines, we believe 2015 could be a turning point for the silver price. Lower mine supply, coupled with an increase in demand for jewellery and industrial applications, should play in favour of higher silver prices. We also expect silver to outperform gold in 2015, as its strong industrial base makes it more likely to benefit from a pick-up in economic activity. In particular, we anticipate an upturn in silver fabrication demand in the second half of this year, in line with our positive outlook for both the US and Chinese economies, the two biggest industrial consumers of silver. Overall, we expect that prices will reach $21 per ounce by year-end, up from around $17 today.
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