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Silver outperforms YTD, but likely to correct lower - Citi

Posted on 12 July 2016

Silver may be the best performing metal in the year to date, boosted by safe-haven flows and end-use demand, but Citi expects profit-taking to take the price lower over the rest of 2016, it said. It sees the metal correcting to average $18.30 per ounce in the third quarter and to average $16.95 over the whole of the year, it said in a note.
Spot silver prices breached $20 for the first time since April 2014 this year. At $20.345/20.370 recently, it was little changed from the previous close. Citi expects more of the same in the second half of the year because the market is arguably already positioned heavily long, it said………………………………………..Full Article: Source


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