Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 54 mins.Feb 05, 2021 11:06 NY Time
| Bid/Ask | 1807.40 / 1808.40 | |
| Low/High | 1793.20 / 1813.00 | |
| Change | +13.50 | +0.75% |
| 30daychg | -110.90 | -5.78% |
| 1yearchg | +251.80 | +16.19% |
| Alerts Charts |
Silver Price & PGMs
Feb 05, 2021 11:06 NY TimeKitco 10AM Silver Fix
| Silver | 26.50 | +0.41 |
| Platinum | 1116.00 | +22.00 |
| Palladium | 2266.00 | +57.00 |
| Rhodium | 19000.00 | 0.00 |
(Kitco News) – The bull run in precious metals is expected to continue through 2021 with double-digit gains across the board, according to analysts participating in the London Bull Market Association’s (LBMA) annual price forecast report.
Thursday, in its annual report, the LMBA said that 38 market analysts participated in this year’s forecast survey. Gold prices are expected to average $1,973.80 an ounce, up 11% from the 2020 average.
The LBMA said it expects all eyes to be on silver. Precious metals analysts expect silver prices to average $28.50 an ounce this year, an increase of 38% from the 2020 average price and up 8% from the average price since the first half of January.
The volatility seen in the silver market this past week could foreshadow the price action through the rest of the year.
“Silver is undoubtedly the star of the show,” the LBMA said. “Silver is forecast to be the best-performing metal in 2021, but with a trading range of $38.5, nearly five times its range forecast last year, it looks as if it’s in for a real rollercoaster ride in 2021.”
Looking at the Platinum Group Metals (PGMs) market, analysts are expecting to see a reversal of fortunes between platinum and palladium. Analysts see platinum averaging 2021 around $1,131.50 an ounce, up 28.2% from the average price in 2020.
Meanwhile, analysts expect palladium prices to average this year around $2,439.10 an ounce, up more than 11% from the average price seen last year.
“The market was in love with palladium last year, and it proved the star performer, posting an impressive 52% increase in price in 2020.
As to the important factors driving precious metals prices in 2021, the report noted that most of the analysts said that low to negative interest rates would be positive tailwinds for gold, silver, and PGMs.
At the same time, 21% of analysts said that a weaker U.S. dollar would support higher precious metals prices, and 16% are watching the Federal Reserve’s extremely accommodative monetary policies.
Thorsten Polleit, chief economist at Degussa, is the most bullish on gold as he expects prices to push to $2,300 an ounce.
“The gold bull market can be expected to continue not only in 2021 but well beyond. A great number of factors are at work for pushing the price of gold further up. To fend off the consequences of the politically dictated lockdown crisis, central banks around the world will keep interest rates artificially low and expand the money supply at unprecedented growth rates,” he said to support his bullish outlook.
Polleit is the most bullish analyst for silver prices. He said that he sees silver rising to $55 an ounce this year.
“In the last two years, the price of silver has benefitted as investors have increasingly built up their silver exposure via ETPs, ( exchange traded products) and this trend is most likely to continue – especially so as in the ultra-low interest rate environment. Silver ETPs offer institutional investors return and diversification opportunities,” he said.”The reason for the good performance of silver in 2020 was the extreme buying of ETP’s.
Looking at platinum, Glyn Stevens from MTSS UK is the most bullish on the industrial precious metal. He said that he sees prices pushing to $1,827 an ounce this year.
“2021 could well be the year for platinum to take centre-stage in the world of precious metals. Not only is demand set to outstrip supply, but the green hydrogen revolution is coming and platinum’s role in this revolution is crucial,” he said.
Six analysts see palladium prices pushing to $3,000 an ounce.
“Palladium is still facing great uncertainty in 2021. Palladium is more expensive than platinum, but it is likely to be replaced by platinum in industrial use, and the price difference between palladium and platinum may continue to narrow,” he said.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com