BMO Revises Gold, Silver 2014 Forecasts; Big Change Hits Japanese Palladium Bar

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Good news for gold and silver, BMO Research has upwardly revised the metals’ forecasts for 2014, “although the bank listed expected averages that are down modestly from current prices,” reports Kitco News.

“BMO described palladium, iron ore and met coal as its “preferred commodities” and said it was “neutral” on copper, platinum, gold and silver. The bank is “cautious” on diamonds, nickel, uranium, zinc, thermal coal and aluminum.”

“The 2014 gold outlook was revised up to $1,275 an ounce from $1,181 previously, while the silver forecast was revised up to $21 from $18.”

Japanese palladium bar saw the biggest change at a 3.0 percent. After a 1.4 percent increase, US palladium bar finished the day. Chinese palladium bar prices inched up 0.6 percent.

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Japanese platinum bar finished the day up 2.0 percent. The price of Chinese platinum bar finished the market day up 1.7 percent per gram. US platinum bar saw its price rise 1.2 percent.

After three straight days of no change, the price of Indian gold bullion decreased by 0.9 percent. The price of Japanese gold bullion increased 0.8 percent. The price of Chinese gold bullion declined 0.2 percent, after two days of improvement. US gold bullion prices rose 0.1 percent to $1,283 per ounce.

Indian silver fell 1.5 percent on Thursday. After a 1.1 percent increase, Japanese silver finished the day. Chinese silver gained 0.6 percent to finish. US silver prices inched up 0.6 percent.