A research firm has stated that they expect the prices of silver to pick up to $17.50 an ounce by the end of this year, a 10 percent increase from the precious metal current market prices.

Capital Economics' expectation for the silver prices to pick up comes at a time when the silver prices are struggling to go beyond $15.50 an ounce. The UK-based firm said the silver prices will likely increase as the demand will go up and mine supply shrinks.

The gold-silver ratio is at its highest level since the 1990s. The ratio was most recently recorded at 85.30 points, according to Kitco.

The prices of gold and silver plummeted after they reached their highest level this year in February.

Source: Kitco.