Silver's industrial applications could push its value into the clouds as the economic growth outlook looks very promising moving forward.
LOS ANGELES(BullionStreet): Silver prices could potentially double in value over the next few years on increased global manufacturing and investor support, according to Smith McKenna, LLC
Stephen M Smith, who is the managing member at Smith McKenna said silver has nearly doubled in the last two years and a repeat is possible.
In it's silver outlook, Smith McKenna said as Europe implements recovery efforts, and the U.S. continues to see economic growth and job recovery, the time to invest in silver is right now. Silver's industrial applications could push its value into the clouds as the economic growth outlook looks very promising moving forward.
In the middle of last week, silver prices began to surge slightly as suspected. Early last week silver was seen trading around that sweet spot, enticing investors to increase their silver portfolios and lowering the barriers to entry for first time investors.
Silver responds similarly to gold; however its influential ties to industrial growth and manufacturing separate it, making it a wise investment choice with stimulus efforts and worldwide economic rebounding.
In the upcoming weeks, Europe policy makers will continue considerations of stimulus efforts, increased lending, and the possibility of printing more Euro currency.
Focusing on global demand, China has become the second largest consumer of silver worldwide. The silver institute has a report in the pipeline which will detail China's impact on the silver price in the next few years. The report is scheduled for release later this year in October, and is something investors should keep a close eye on, noted Smith.
Just twenty years ago, China's silver demand represented only three percent. Today it is more than five times that, seeing 16% - with forecasts of it going much higher. Those looking to invest in silver could benefit significantly from this emerging data.
With straining global mining production and supply of precious metal silver, increased demand will only continue to drive prices farther north. If investors are positioned right, and have the right knowledge, they could undergo the type of potential wealth creation opportunity that they've been eagerly awaiting after last year's boom was temporarily cut short.