What’s the Gold forecast for 2021? How will Silver and Platinum perform this year?
2020 saw a massive rise in gold, silver, and the platinum market as the world struggled with a pandemic. And as 2021 kicks in, the market for all the three precious metals seem positive and profitable. Within four days of 2021 commencing, all the three metals have shown promising signs as they simultaneously confirmed their cycle breakout.
Let’s take a closer look at what 2021 holds for gold, silver, and platinum.
Gold market forecast 2021
Gold had a pretty good start in 2021 as it broke out and closed near a 2-month high. As the US Senate run-off continued in Georgia, the mixed sentiments helped raise the yellow metal even further. The dollar floated low as it hit a 34-months low. Along with it, British Prime Minister Boris Johnson announced stricter lockdown in the UK as fresh cases of new coronavirus strain keep rising. Even as pharmaceutical companies reported success with COVID-19 vaccines, the slow roll-out boosted riskier assets.
Although 2020 is behind us, the pandemic is easing and the vaccine on its way, there is still fear and uncertainty. And these sentiments will remain for most of 2021 as well. But it will only boost the gold market with experts predicting a high bullish market in the coming three months.
Governments across the world are printing massive amounts of money that will eventually cause high inflation. With major currencies like the dollar, euro and pound losing their values, gold will see tremendous gains as investors rush to collect hedge against market losses.
Silver market forecast 2021
Silver followed gold’s path but performed much better in 2020. And it began 2021 on a positive note, breaking its cycle and carrying the same bullish trend from November last year. The current state is promising with the bull trend to continue at least till late April. As the current pandemic continues, the prices are set to remain high with a lockdown in vital silver-producing countries affecting silver mining. Even an amateur can tell you that low silver supply will ultimately drive the international prices towards the sky.
The global GDP dropped by 4.4% in 2020, but as 2021 sets in, economies will start to open, and international trade will return to the former self. But the market recovery will be irregular since the vaccine is yet to reach the mass population. Add to that the new Coronavirus strain is spreading fast and there is a high possibility of the next virus wave. All these factors will majorly boost international silver prices.
Platinum market forecast 2021
Although everyone watched gold as it soared high in 2020, experts suggest investors should have paid attention to platinum group metals (PGMs). Like other asset classes, PGM prices were highly volatile as investors tried to find their way through mass uncertainty and economic slump. But starting 2021 shows a new wave of enthusiasm among investors for platinum and palladium as industrial demands begin to kick in. As the global economy is all set to start from a reboot, industries will soon start rebuying platinum.
So, keep an eye on the global gold, silver and platinum market this year and when teh time is right, get ready to invest! Contact RPS Gold today. We guarantee the highest quality gold at the best prices.