Precious Metals Outlook December 2019

Abn Amro
Door december 13, 2019 08:56

Precious Metals Outlook December 2019

Precious metal prices have had a very strong year. Palladium had a stellar performance, rising by more than 47%. Gold and silver rose substantially above our year-end forecasts of USD 1,400 and US 18 per ounce, respectively, and platinum prices rallied to levels just below USD 1,000. Our view for palladium was completely off. Where we had expected a decline of USD 200 over the year in a volatile ride, prices rallied substantially barring three periods of sharp sell-offs in March, August and November. Gold prices were supported by a general shift in monetary policy of major central banks from tightening to a new round of easing, a decline in government bond yields, an increase in the amount of negative yielding government bonds, weakness in the Chinese yuan, uncertainty on global growth and global trade front, and Brexit uncertainty. When gold prices became somewhat expensive, silver and platinum caught up. Palladium prices have mainly rallied on supply shortages at the front end of the curve, amid higher palladium loadings in car catalysts in anticipation of more stringent emissions regulations in China and Europe. What do we expect for precious metals for 2020 and 2021?  

Abn Amro
Door december 13, 2019 08:56



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