LONDON (MarketWatch) -- Analysts at HSBC on Wednesday lifted their silver forecasts for 2013 and 2014, as growing industrial demand and loose monetary policies is likely to boost appetite for the precious metal. For 2013, the analysts expect silver to reach $33 an ounce, up from an earlier estimate of $32 an ounce, while they see prices around $31 an ounce in 2014 compared to an earlier forecast of $28 an ounce. The analysts see four factors driving prices higher in 2013: higher industrial demand, steady investor appetite for hard assets, strong coin and bar purchases, and a bottoming out of jewelry demand. "Greater industrial silver consumption is one of the most compelling arguments in favor of higher prices," they said in a note.