PwC reported in its Gold, silver and copper price report 2014 that while gold was a big story of the year, it was actually silver that fared worse, falling 40% in 2013.
 
Last year, silver traded at $US26-37 an ounce, starting 2013 at around $32/oz.
 
But the metal has fallen as low as $18/oz and has traded below $20/oz for most of the past six weeks.
 
Of silver producers surveyed by PwC, only 9% expected the price to drop further next year.
 
By comparison, 7% expected gold to fall further and 17% expect further falls in the copper price.
 
“While 2013 has been a tough year for miners, the industry has faith that fundamentals will recover,” PwC global mining leader John Gravelle said.
 
“Gold, silver and copper may not reach record levels in the near future but expect prices to increase alongside a stabilising global economy.”
 
Two-thirds of survey respondents said cutting spending would be the top priority for 2014, while just over half planned to raise equity.
 
“After years of spending on mergers and acquisitions and expanding operations with money generated from high metal prices, miners are now cutting back,” Gravelle said.
 
“Encouraging investors to return to the mining space will involve strict cost management strategies and responsible investment in production growth.”