Wells Fargo: Gold and silver in a bearish super-cycle

Bad news for investors in metals - like gold and silver. According to the Wells Fargo Investment Bank, gold and silver are in a super bearish cycle, which may last another five years.
And while analysts from the bank would not recommend an investment in either metal, in better position they think is the silver because it has a relatively higher upside potential, on a fundamental point of view.
The analysts from the bank are expecting a five-year cycle of bears, or something similar to the price of metals. This means a limited growth in metal prices and a lot of lateral movement in their price.
From the financial institution, they forecast a range in the price of gold between 1 050 and 1 400 dollars, while for gold - between 13 and 22 dollars.
For comparison, the price of gold ended on Friday at a rate of $1,323 per ounce, while the price of silver at $16.40.
Gold peaked in 2011, reaching a level of $1,900 per ounce, while the price of silver rose to the highest levels of $50 per ounce.
Gold is traded at levels of about 76 times, comparing to silver, at an historically average level of 37 times. Or the metal looks quite overrated compared to silver.