In 2014 silver forecasts, analysts don't offer much hope
Silver's 2013 numbers tell a sad story.
The precious metal's spot price has dropped more than 30% since the beginning of the year, falling from over $30 per ounce in January to about $20 at the end of December.
Meanwhile, shares of iShares Silver, the largest silver ETF, have lost 35%.
According to Kitco , silver has the worst-performing commodity futures market for 2014.
But as the year draws to an end, the big question is where will silver go from here.
Of course, no one really knows but here's what some analysts think.
Earlier in December, UBS cut its 2014 silver forecast from $25 per ounce to $20.50.
CIBC's predictions are even tougher on the precious metal. The bank sees silver trading at as low as $19 per ounce, as reported by the Motley Fool.
Other banks see trading within that range.
Meanwhile, Bank of America Merrill Lynch offers the most hopeful forecast, predicting an average of $23.13 in 2014, as reported by Kitco News.
The bulk of silver demand is in fabrication, mainly for industrial applications but also for jewelery – boosted this year by India's restrictions on gold imports.
And while silver prices have been falling, mints in Canada, the US and Australia have been reporting much higher sales over the past few months.
But according to research firm CPM group, even though investor demand has waned – and isn't likely to bounce back soon – the next decade could see record highs for the precious metal.
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