Silver ($US/oz)

The silver price has been subdued since mid-March after the speculative bubble burst in late January. Ultimately we believe it can rally back towards its pre-war levels, around 20% higher, but it’s likely to need a softer $US and a return to an easing bias by the Fed, both of which need a resolution to the US-Iran conflict.

• We can see silver testing ~$US95 in the coming year but it will need to see an end to the war for it to get there.