Strategists at ANZ Bank analyze Silver's (XAG/USD) outlook.

Fundamental backdrop is still supportive

India’s imports are levelling-off after being exceptionally strong last year. That said, the fundamental backdrop is still supportive, and industrial demand could return once China’s growth stabilises. 

Macroeconomic challenges continued to be supportive for Gold and Silver investors. We hold our bullish view and expect Silver prices to reach $26 by the end of this year.