All else being equal, I project silver through 2015 to be: * Flat in USD with regular ups and downs of around 10% and maybe the occasional spike that will revert * Up in AUD as the Australian economy weakens and the AUD falls against the USD In 2015, without any Blackswan event, we will see: * Flat industrial demand * Flattish overall production output * No significant inflation * The US economy will continue to show slight growth * Western governments will continue to tighten their fist around the liberties of citizens * Incumbent corporate/government interests will obstruct competition and innovation to protect entrenched business models * Free trade partnership agreements will crush the potential of less powerful nations * No significant growth overall But! None of this will hold if there is a major economic or other crisis: * Can global markets continue without incident for another year? * What will happen with Russia? * Will China's massive stock market boom end in tears? * Will a major natural disaster throw the markets into chaos? * Will the complex interconnections and feedback amongst the global economic system turn a small hiccup into a runaway disaster? Of course, this is all just a guess and I could change my mind in light of new information. It will be interesting to revisit this projection at the end of 2015.