March silver fell 1 cent to $31.01 an ounce. The metal closed at a two-week low in the previous session. Analysts at HSBC on Wednesday boosted their 2013 silver target to $33 from $32 an ounce and their 2014 target to $31 from $28 an ounce.
The analysts see four factors driving higher prices in 2013: higher industrial demand, steady demand from investors for hard assets, strong purchases of coin and bars and a bottoming out of jewelry demand. “Greater industrial silver consumption is one of the most compelling arguments in favor of higher prices,” they said.
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