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Gold prices to average above $2,000, Silver to average above $30 through 2024
Gold and silver’s impressive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank.
In a report published Tuesday, commodity analysts at CIBC upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for the fourth quarter, the analysts said.
Looking ahead, CIBC sees gold prices averaging $2,300 an ounce in 2021, $2,200 an ounce in 2022, $2,100 in 2023 and $2,000 an ounce in 2024.
“The outlook for continued low real interest rates, increasing government debt burdens coupled with geopolitical uncertainty arising from the upcoming U.S. election are all supportive of further significant price appreciation,” the analysts said.
Looking at silver, the Canadian bank sees the precious metal averaging $25 in the third quarter; in the fourth quarter the average price is expected to rise to $28 an ounce.
Looking ahead, CIBC sees silver prices averaging $32 an ounce in 2021, $31 an ounce in 2022, $30 in 2023 and $28 in 2024.