On Friday, silver for December delivery fell 1.2% to close at $33.67 an ounce. For the week, the white metal lost 2.3%.
Silver dipped toward the end of the week as traders took profits after silver rose as high as 34.378 in September. A slew of positive economic news from the United States triggered doubts for future monetary policy from the Federal Reserv. In addition, the IMF reduced its global growth estimates last week, which suggest lowered demand for industrial metals.
Elsewhere, Credit Suisse raised its gold and silver price forecasts for 2013 and 2014, citing the potential for more quantitative easing in the U.S. as well as physical demand in China and India. The investment bank upped its 2013 price forecast for gold by 7%, to $1,840 an ounce, while it now expects silver to reach $33.10 an ounce, up from $29.20 previously.
The big picture for silver remains largely positive, with corrections on the the way up. Silver prices will be still driven by QE and Euro buying, as central governments try to stimulate their economies, devaluating their own currencies and making silver a safe haven while providing price support.
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