KS.v. Silvers news However, even though JP Morgan is not bullish on silver long term, it nevertheless recently initiated a technical long position in the metal. The team believes that short-term bottom has been found at $21.66 in September and that the recent downtrend in USD is signalling a better technical set-up for silver. The trade was initiated with a target of $30.50 and a stop loss at $23.50.
CIBC bank sees a brighter long-term future for silver, estimating silver prices to average $32 per ounce in 2021, driven by macroeconomic uncertainty. At the same time, ABN AMRO sees silver trading at $22 per ounce by the end of 2020, below the current market price.