Moody’s Investors Service announced Wednesday that it has lowered its 2014 average silver price outlook from $20 per ounce to $18 per ounce. Similarly, it has lowered its average gold outlook for this year to $1,100 per ounce, down from $1,200 per ounce.
As quoted in the press release:
These lower price expectations reflect significant deterioration in the spot price of gold and silver to about $1,200/oz and $20/oz, respectively, and fundamentals that seem unfavorable over the next couple of years as the global economy maintains forward momentum, governments unwind various stimulus programs, and the threat of inflation remains subdued in most major economies. Moody’s had previously indicated that it could lower its forward view if the price of gold was to persist below $1,300/oz.