Citigroup reduced its silver forecast for 2012 by 10% to $30 an ounce

Citigroup Inc. lowered its 2012 gold forecast by 12% to $1,709 an ounce and reduced its silver forecast for 2012 by 10% to $30 an ounce.

The copper estimate for this year was lowered 7% to $3.55 a pound from $3.80, Heath Jansen, an analyst at the bank, said in a report dated on Monday.

The tin estimate was increased by 2% to $10 a pound from $9.90, according to the report. Aluminum, nickel, zinc and lead estimates were reduced by up to 7%, according to the report.

The platinum forecast was lowered 14% to $1,609 an ounce and palladium by 17% to $775 an ounce, according to the report.

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Posted by Silver Guru on Jan 9 2012. Filed under Silver Analysis. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry