JPMorgan Sees Silver Reaching $85 Amid Industrial Demand

JPMorgan's analysts have laid out a bullish case for silver, projecting an average price of $85 an ounce over several years. The foundation of this call is industrial consumption, which accounts for roughly 60% of total silver demand.

The road to reaching this target has not been smooth, with shifting interest-rate expectations affecting the metal at times.

Despite this, the bank's strategists remain constructive in their view. Recent price action has lent some support to this thesis, with silver futures holding above its 50-day moving average of $64.34 per troy ounce.

The spot price stabilized at $66.13 an ounce yesterday, and Asian trading opened the new week moving sideways. The gold-to-silver ratio edged down to 65.8 points from 66.1 the prior session.