Silver faithful taking $5 billion hit in crossfire

Summary: “Silver has been caught in the crossfire between being a precious and industrial metal,” comments John Stephenson, senior VP at First Asset Investment Management in Toronto. Just this year, over $5.2 billion in value of silver holdings has been erased. At the beginning of 2013, it was expected that silver was going to be the year’s winner. Either turmoil would boost its safe-haven appeal, or economic growth would boost industrial demand. At this time, the median price prediction for the end of the year stands at $23.50, which is off the year’s lows, but still down over 23%. Stephenson also explains how silver has performed like an investment metal, and that more economic growth is needed to change the balance to favor industrial demand. Read more…