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While expecting gold prices to rally to $1,400 an ounce in 2017 on continued investor demand, ETF Securities looks for silver to outperform as industrial demand drives prices.

ETF Securities’ gold-price target of between $1,400 an ounce and $1,450 would represent a gain of 10% from the precious metal’s current price of $1,272.60 an ounce.  Silver with a 24% gain.

“We are constructive on gold next year but we see more potential upside for silver given its high correlation to the industrial-production cycle, which be driven by the continued recovery in the global economy,” said Maxwell Gold, director of investment strategy at the firm, in an phone interview with Kitco News.

The investment firm noted that there is an 80% correlation between gold and silver and while silver has benefited from gold’s unprecedented investor demand, silver’s fundamental supply-and-demand picture is what will drive the price higher next year.