LAST YEAR’S surprise jump in the physical Silver Price won’t see London’s leading experts caught off-guard again, according to the professional market’s annual forecasting contest.
Missing 2010’s average Silver Price by more than $1 per ounce – and missing last year’s peak price by nearly 25% on average – the 24 entrants to this year’s London Bullion Market Association forecast competition now see a rise of 48% in 2011 on average, with the physical spot-market price tradin at $29.88 across 2011.
Average forecasts for 2011’s peak Silver Price stand at $38.66 per ounce, with one analyst – Jeffrey Rhodes of INTL Commodities in Dubai – predicting that the Silver Price will hit its 1980 top of $50 per ounce.
On the downside, the forecast low averages $22.93 per ounce – a rise of 51% from 2010’s actual low in the Silver Price.
Last year’s LBMA Silver Forecast winner – Peter Fertig of QCR Quantitative Commodity Research in Hainburg, Germany – now forecasts an average 2011 price for Silver Bullion of $31.10 per ounce, with the year’s high and low standing at $27 and $35 respectively.