$500 Gold Before $500 Silver

September 23, 2013 at 08:34


A recent Resource Investor article broached the subject of silver spot prices. The article included some bullish silver price predictions for the coming months. An executive for a company that sells silver has created something of a stir in the silver market by disagreeing with some of the article’s estimates for the silver spot price.

Bill Towers is a marketing executive for GoldSilver.org, an online trading platform for physical gold and silver investments, such as coins, bars and retirement accounts. Towers issued the following statement in response to the article, which claimed analysts are expecting silver spot to reach $50-$500 per ounce in the coming months:

“I love silver. I own lots of the stuff. But for someone to claim that silver will go to $500 per ounce and keep a straight face is unbelievable. I am a firm believer in hard assets that carry inherent value but it would be more realistic to see gold at $500 before silver.”

Towers, while at a press conference announcing the company’s new silver spot price prediction of $25 by the end of the year, says while silver is down about 20 percent in the last year, it has gained about 400 percent in the last 12 years, and its widespread industrial use paired with constantly growing investment demand are the main reasons that GoldSilver.org has estimated that the white metal could grow an average of 8-14 percent over the next 12 months.