The Economic Times reports the managing director of Superfund Financial told Reuters that he believes the volatile metal will be worth a minimum of $80 in three years. He holds such high regard for silver because he believes investors will leverage it with gold and because it of its strong technical outlook.
"Silver is by all accounts leveraged gold," according to Aaron Smith of the Austria-based outfit. "I expect gold to perform well, and I expect silver to perform better, with higher volatility."
At 12:54 p.m. on Tuesday, silver futures increased 0.59 percent, a 0.218 cent rise to $37 per troy ounce.
MarketWatch reports silver futures slightly gained and almost was unable to retain that progress.
On the final trading day of April, silver futures were less than $1 shy of two benchmarks: the $50 per troy ounce psychological barrier and the all-time record high price of $50.35 per troy ounce. Both of those prices were last seen in January 1980.
But within the first two weeks of May, silver futures crashed 35 percent to the early $30s.
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