OK - we see $20 / oz long term in +2016 - Eric is bullish and I believe that silver's performance will be surported by gold's and underpinned by its demand for industrial fabrication. Based on demand projections - the fundamentals look good - based on new supply - they look ok - bearing in mine additional production is anticipated from Penasquito and Pascua-Lama. However - most of silver production comes as a by-product from mining other metals - and will be hinged to their economics - also silver is characteristically very volaile - which we have seen. $50 / oz is not unrealistic - in the near-term - if it occurs - it will be driven by speculative demand for investments.
2:11 Darcy Keith - Thanks Chris. I'm afraid we're almost out of time for today's chat...which is too bad, because we have many more questions! My apologies to those we haven't had time for. But here's one final question, on some often-overlooked metals that we haven't had much time to discuss so far:
2:11 [Comment From Josephina ]
What are your thoughts of the PGM space in South Africa? What are the fundamentals driving platinum and palladium and where do you see their prices going?
2:16 [Comment From Chris]
Thanks Josephina - South Africa is the world's largest producer of PGMs - South Africa has its challenges - high operating costs etc which will underpin the PGM prices - PGMs are used mainly for autocatalyst manufacture - and as such are linked to the helth of the auto industry. With Japan slowly coming back on-line by way of autos - and limited new supply - we are bullish on prices on the medium term - also China and India will contribute to additional positive demand.
2:17 Darcy Keith - Great, thanks Chris. Any final thoughts or comments you'd like to leave with our audience today, or anything we need to know on disclosures?
2:21 [Comment From Chris]
Only a couple of disclosures: Haywood has been involved in funding Mirasol, B2Gold. On the space - look for companies with projects that make sense - and quality management teams. Also, be weary of politically sensitive jurisdictions.
2:22 Darcy Keith -
OK Chris - thanks again for joining us today. And thanks everyone for participating. Join us again soon for another live discussion at Globe Investor. Bye for now.