Kitco News is launching its Outlook 2017 series next week, but we couldn’t help but give you a SNEAK PEEK of Bill Murphy's forecasts for gold and silver. Known as the director of the Gold Anti-Trust Committee (GATA), Murphy says the precious metals are set up to make ‘big advances’ in 2017. ’Open interest in gold has come down from 668k to less than 400k, so you’ve really cleaned out the market and it’s set to make big advances next year,’ he told Kitco News. ‘The same has happened in silver, they’ve wiped the specs out, 224k open interest down to 160k, so it’s all set up to make a move.’ Murphy added that a $50 print on silver may not be too far fetched. ‘I think you’re going to see silver trade like copper next year except much more volatile on the upside when it takes out $21.’ Stay tuned for our Outlook coverage, launching on December 16.
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