Analysis

Why 2013 May Have a Silver Lining
Silver bars and coins. Banks have a net short position on silver, and will likely take a hit if the price of silver rises.
December 28, 2012
| Economics
| The Americas
Summary
Special Economic Analysis
By Peter Warburton, PhD


Silver, underestimated and underpriced, is poised to make big gains in 2013. Precious metals attract more than their fair share of excitable commentators, but the technical position in silver is fascinating. Both banks and non-banks have unusually large net short positions in the silver futures market, while silver has been leaving commodity exchange warehouses at a steady pace in recent weeks.Unlike gold, where there is a large stock that can become readily available at higher prices, physical silver is much less accessible. Strategic stockpiles of silver, including at the U.S. Treasury, are a thing of the past. Given the recent announcements that the U.S. Federal Reserve will continue its policy of monetary easing indefinitely, it is a little surprising that gold and silver prices have not reacted more positively. The price of silver scored powerful gains in response to the Fed’s Quantitative Easing 1 and 2. There are grounds for a repeat performance.
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