Silver price to rally 30% in 2021 as industrial demand bounces bank - Commerzbank

(Kitco News) -While gold will continue to attract a lot of attention in 2021 as prices are expected to reach new all-time highs, analysts at Commerzbank are suggesting that investors keep their eyes on silver.

In their 2021 precious metals outlook report, published last week, the analysts at the German bank expect that silver will continue to outperform gold as an improving global economy boosts the precious metals industrial demand.

Looking at prices, Commerzbank sees silver averaging next year around $26.50 an ounce. Prices are expected to peak around $32 an ounce by the fourth quarter of 2021. Commerzbank's silver outlook represents a gain of about 30% for the year compared to current prices. March silver futures last traded at $24.62 an ounce. Meanwhile, Commerzbank sees gold prices pushing to a high of $2,300 by the fourth quarter of next year, representing a gain of 24% over the next 12 months.