Analysts with the GFMS team at Refinitiv said in their 2019 review and 2020 outlook that they expect silver prices to average $15.75 an ounce this year, up sharply from current prices but down 3% from the average price from 2019.
“We expect prices to recover from current lows, driven by bargain hunting, before moving higher later in the year once the market hysteria calms down and safe-haven demand kicks in,” said Cameron Alexander, manager of precious-metals research at Refinitiv.
Looking to 2020, Refinitiv analysts said that industrial demand for silver is expected to suffer as the global economy has ground to a halt as a result of the COVID-19 pandemic. Nations around the world have instituted lockdown measures, forcing people to stay at home to slow the spread of the virus, which has infected nearly 1 million people and killed approximately 50,000.


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