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Using particles as small as a few billionths of a meter, nanotechnology prevents fine metal particles from clustering in catalysts, enabling engineers to use less precious metals to clean exhaust emissions. PA , will start employing it early next year on all new gasoline models.
Mazda Motor Corp T , owned one-third by Ford Motor Co F. N , has achieved a similar feat using single-nanotechnology, which will allow it to slash platinum and palladium use by up to 90 percent. Mazda has not said when the technology would be put to use. Honda Motor Co T Chief Executive Takeo Fukui said technology, though not yet perfect, also existed to replace precious metals altogether.
Honda used a class of minerals called perovskites in an earlier version of the Step Wgn, a minivan sold mainly in Japan, but ditched it due to problems with durability. Other promising alternatives are on the horizon. Japan's Mitsui Mining and Smelting Co Further ahead, Daihatsu Motor Co T , Toyota's minivehicle unit, could develop a platinum-free fuel-cell vehicle after it said last year it had found a way to use less costly metals such as cobalt or nickel. Hydrogen fuel-cell cars in development today use an estimated grams of platinum, costing thousands of dollars, to separate protons from electrons in hydrogen atoms.
The spread of hybrid cars could also reduce usage of PGMs. My view is that we will go back to within two to five years. ES: It's a step on the way. It may come faster or it may take a little longer; but when it happens, silver will outperform gold That's a shockingly large difference and good reason to get a little more involved in silver.
TGR: You've said that silver will be this decade's gold. ES: We assembled the gold articles we wrote over the last decade into a compendium called Gold the Investment of the Decade and these are also archived and available on our website. Now that we're in the second year of another decade, I'd say silver will be the investment of this decade. Gold essentially blew everything away in the last decade. There was no contest whatsoever with any currency or stock market. I think we'll all look back 10 years from now and say silver was the investment of this decade, because it might triple the performance of gold—and I think gold will continue to outperform all other currencies and stock markets.
So I think silver's really an area where people should focus very heavily. TGR: This performance you're describing can't be based primarily on manufacturing demand. How much do you anticipate in the way of investment demand? ES: There are two parts to the silver story. One is industrial demand and one is investment demand.
Industrial demand has been quite strong, but the thing that's been very unusual in the last year or two has been the marked increase in investment demand. There are many ways of viewing investment demand, and it's obvious we're going to experience some serious growth here.
Judging from the data points that we look at, and as Larisa would mention, when we look at our sales of gold and silver bullion, we're actually selling about five times more dollars of silver than we are dollars of gold. That means we're selling times more silver bullion than gold bullion. The U. Mint is selling as many dollars of silver coins as dollars of gold coins. I want to emphasize that we're dealing with the flow of money here.
The price difference is ; but with that kind of money flowing into this commodity versus that commodity, you also have to look at the availability of one versus the other. The number of coins is explosively larger than the dollar figure. Something has to give when you have the same amount of money going into two products that are priced TGR: Perhaps Larisa could tell us a little bit about what's happening with Sprott Money, including a comparison to other precious metal investment alternatives.
Larisa Sprott: Sprott Money buys and sells gold and silver bullion, which includes coins, bars and wafers. We either physically deliver it or store it. Our storage depository is located in the State of Delaware.
Within the next 6—12 months, we will be opening a facility in Canada. Precious metal investment alternatives include exchange traded funds ETFs , certificates and trusts; for instance, iShares is listed on an exchange—you get a piece of paper saying you own the commodity, but you don't have access to it. As my father mentioned, GoldMoney offers gold holdings, whereas Sprott Money allows you product choice and physical delivery of the gold and silver.
TGR: If you choose to have it delivered. They store it in a bank vault or at home—they have the peace of mind of knowing where it is. TGR: And you're thinking about adding a storage facility in Canada, so there would be a choice? The impression I get is that they fear that what happened back in , when the U. So, clients might feel safer or more confident storing in Canada. TGR: Would an additional value to an American investor storing bullion in Canada be the ability to convert it into Canadian dollars?
LS: Yes, and that's a good point. Anything we sell to clients, we will buy back. ES: We can deal in either Canadian or U. TGR: Regardless of where these metals are stored, the common view is to hold them in your portfolio as insurance against economic or currency crisis. Because that proportion seems higher than what's appropriate for insurance purposes, to what extent do you look at precious metals as investments versus insurance? ES: It's a bit of a semantic argument in a way, but I guess I would start with the view that I have a large distrust of the financial system.
I really worry that we could have some kind of collapse. It sounds extreme to say, but we nearly had one in '08 and we nearly had one Europe last year. We still live in a very over-levered financial system. The banking issues just don't seem to go away. We bail out Iceland or Ireland or Greece, and now we've got to bail out Egypt or Tunisia or wherever else is going to have some fiscal difficulties.
Ultimately, I just don't think there's enough tangible support for these systems when people want to extricate themselves and take their money out of the banks. Unfortunately, bankers can't get rid of the asset on the other side of their balance sheet. So I think people will realize sooner or later that having their assets in physical metal is better than a bank deposit. I say that on a universal basis. To get back to whether it's insurance or an investment, I certainly can look at it as insurance because it's the one asset that should maintain its purchasing power.
In some kind of financial collapse, all assets other than real assets will go down in value, so in that sense it's insurance. It's also relatively proven to be an aggressive investment. I think it's all due to the debasement of the currencies and it's relative to the currencies. So I think it's both. We've had a very high weighting in those areas for a long time. Of course, it has been the right place to be—and I think it will continue to be the right place to be.
TGR: The silver market is so small it lends itself to being held down artificially. What measures might free up the market movement? In that situation, quite frankly, I was the most surprised and disappointed person in the world to see that in the middle of a financial collapse, the price of silver—and even gold—didn't rally. It seemed so unlikely that that should've happened. In my mind, that consequentially suggested forces might have been at work that weren't normal in those markets.
But the manipulation will end, if there was manipulation. I'll explain why. On commodity exchanges, the majority of transactions never settle in physical delivery. Just as an example, of the million ounces Moz. Well, obviously, nobody is settling this stuff because you can't have an Moz. These are just people pressing buttons on computers—you know with their algorithms or whatever—but they're not taking physical delivery. Manipulation takes place when a person who has more money than another person can drive the price of a product up or down, and it's easy to manipulate a market wherein all you need is fiat currency.
Manipulation will end when enough people say, "You know what? I'll take delivery of that product. More and more people are taking delivery. The dealers who are short something like — Moz. Our organization alone owns more than 42 million ounces. That's not a lot of silver to cover a short bet of — million ounces. With every delivery period, those inventories keep going down.
They're going to go down to the point where everyone realizes there is no silver left. As a matter of fact, for all intents and purposes, I think there might be no silver available today, as some mints are no longer taking silver coin orders because they just can't provide them. So, it's obvious to me that this supposed silver inventory doesn't exist anymore and that ends the manipulation.
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The most frequently traded precious metals are gold, platinum, palladium and silver, and the high trading volume on these commodities is attributed to their retained intrinsic value, regardless of economic conditions. The preference for the online purchase, and even physical ownership, of precious metals as long-term investment has tremendously increased in recent decades.
Trading precious metals also presents opportunities for those interested in short-term investment since derivatives and exchange-traded contracts are a less capital-intensive and simpler way to take a position on their price movements. Unlike most commodities that are mainly dependent on production and consumption levels, gold trading prices, for instance, are not: they follow the pulse of political changes and make it possible for gold to function as a hedge against other markets in times of uncertainty.
Along with gold, platinum, palladium and silver are also valuable assets and traded by investors who regard them as stores of value in times of monetary uncertainty. There are several factors that affect price fluctuation and can cause volatility in the precious metals market.
One of the most important factors are global financial institutions, whose investments are speculative in nature and can cause upward or downward price movements. Another factor that influences the market is the end-user trends, mainly triggered by jewellery buyers: the demand in jewellery makes precious metal markets prices to rise. Economy also has an impact on market prices. In a globally well-performing economy the level of wealth is directly correlated to the demand for gold and other precious metal jewellery: when investors search for investment options that present a higher risk, the prices of certain precious metals is lowered while the price of others rises.
Last but not least, the changes in demand for some other financial assets apart from precious metals also contribute to price fluctuations. Precious metals, and gold in particular, have always the symbol of wealth. As far as prehistoric times, when gold was used in bartering, and throughout the centuries, whether in the form of coins, or bars and billions of fixed purity and weight, gold has been a valuable and much sought-after asset.
The first gold coins were struck in BC and its use for monetary exchange gold standard lasted as long as the s. As a highly electrically conductive and malleable metal, gold is non-reactive to other elements, and it is used in several industries from jewellery, commercial chemistry and electronics to medicine.
Gold as commodity money was only replaced by the fiat currency system after , but it has continued to remain a solid investment asset until today. Along with gold, for over 4 thousand years silver has also been used for monetary exchange with the silver standard lasting until the 19th century. The industrial, commercial, and consumer demand make silver a strong asset to invest in, and derivatives like silver futures are traded on various exchange markets in the world.
With the advent of online trading, silver exchange-traded products have been an easy way for investors to gain exposure to the price of silvers and invest in it long term. As compared to gold trading and silver trading, which have been present as investment assets since ancient civilizations, platinum and palladium have a shorter history in the financial sector.
However, due to their scarcity and the amount of their annual mine production, along with their various uses in several industrial areas, at times they tend to sell at a price even higher than gold. The first reference to platinum in Europe was made in the 16th century, and since the 18th century it has been used in jewellery, the motor and chemical industry, dentistry and even medicine. Similar to platinum, palladium also plays an essential role in technology.
Since its discovery in 19th century Europe, global demand for palladium has largely increased, mostly in the automobile industry, but it is also widely used in medicine, the electrical industry, jewellery, and of course as an investment asset. Due to the supply and demand i.
Precious metals have been some of the most popular hard commodities to trade since the s. Futures contracts are so-called derivative contracts, meaning that their value derives from the performance of the underlying asset. One of the main purposes of investing in precious metals futures is risk mitigation: given the ability to the contract buyer and seller to fix prices or rates in advance for future transactions, they can both ensure against drastic or sudden price movements that may cause increased losses.
Precious metals can be traded in both directions: if the market is expected to move upwards bullish trend trades can be entered by purchasing a futures contract going long and exit the trade by selling it; while if there is anticipation of a downward movement bearish trend , trades can be entered by selling a futures contract going short and exit the trade by buying a contract.
The possibility is also given to trade multiple futures contracts, which involves making several separate entries and exits, that is, entering contracts at different prices and exiting at one price, or the other way round. The ability to trade in both directions allows investors to gain profits regardless of upward or downward market movements.
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Gold bullion lost 5. Silver bullion lost 4. We see this correction as an attractive yearend, seasonal buying opportunity. Most investors think the precious metal protects against faster inflation or a plunge in stocks. Not so. This edition of Platinum Quarterly considers platinum supply and demand developments for the third quarter of and provides an updated outlook for , it also presents the first forecast for It's the best I've seen it in my 20 plus years of gold investing.
Gold can provide an alternative to bonds, and Hathaway explains how a relatively small move in the gold bullion price can have an outsized impact on gold miners' profit margins and the value of their stocks. Silver now holding in a higher range, despite recent weakness. The relationship with base metals has strengthened recently, but the gold-silver dynamic continues to dominate. The Interim Review features historical supply and demand statistics and provisional estimates for The current macroeconomic environment makes gold a core portfolio holding for two reasons.
First of all there is increased risk of inflation and the general decline of the US dollar. Second, gold tends to do best in times of turmoil. Sprott ETFs own large-cap and smaller mining shares. These two exchange-traded funds ETFs are up notably so far this year.
What is the impetus that has pushed the investment into silver this year and where do you see prices settling as the global recovery from CovID continues? In the last few weeks, we have seen silver and gold slowly meandering with no real sense of direction.
It looks to me like this is a "bullish consolidation", and within the next few weeks, months, and even years, I am expecting much higher levels from both gold and silver. Gold touched a six-week high and copper advanced for a fourth straight session, boosted by a declining dollar and the outlook for further central-bank stimulus as investors await the final outcome of the U.
The uncertainties of the election and COVID's surging second wave have created a "risk mitigation" type market. The gold bull market remains intact and both gold bullion and mining equities are well-positioned under most plausible election scenarios. A new year — thankfully — quickly approaches, which means an avalanche of market predictions is soon to cascade across Wall Street. Whitney George, Chief Investment Officer: With gratitude for a career on Wall Street that has spanned more than 40 years, I have experienced plenty of history.
Looking back for an analog to this past year, in many ways, was a year on par with As a society, we survived and were able to move forward and grow from the experience, and we benefitted from positive investment lessons learned in the aftermath of This too shall pass.
It is possible that gold and gold mining shares could continue to chop sideways-to-lower until the U. We believe that now is the time to start layering in gold exposure, not when the rest of the world tries to do so. In brief: in a world of ongoing pressure for policy makers across the globe to print and spend, zero interest rates, tectonic shifts in where global power lies, and conflict, gold has a unique role in protecting portfolios.
Despite September's profit taking, gold bullion posted its eighth straight quarterly gain. We see this as a buying opportunity for precious metals investors. In the last six weeks, after a huge run, gold has been consolidating. Industrial metals posted gains in the third quarter, with silver up sharply and copper touching its highest prices in over two years, suggesting that the worst of the coronavirus hit to the economy may be over.
The report includes 39 case studies on how our Members are bringing about positive change across four thematic areas: global partnerships; social inclusion; economic development and responsible energy use and environmental stewardship. Learn more about Sprott's commitment to ESG.
The fundamentals are in place for a long bull market in the precious metals area and we look forward to continuing to deliver outstanding results to our clients and shareholders. Both silver bullion and gold mining equities reached multi-year highs in August.
The central thesis was, as a bullion-backed fund, CEF would move up naturally purely because of a bull move in the precious metals. It has now been established as a baseline that a diversified asset portfolio must include an allocation to gold. No other liquid asset accomplishes what gold does in the way of portfolio insurance and purchasing power protection. Silver has always shown its value throughout history. From ancient coins to its use as a global currency during the Age of Discovery, silver has circulated the world to become an important financial asset.
Its value continues to shine in the era of the modern finance industry. Sprott CEO Peter Grosskopf has long fielded the same question while talking up gold to investors: Why does famed investor and multibillionaire Warren Buffett, the so-called Oracle of Omaha, hate the yellow metal? Grosskopf may never have to answer the question again. Silver is set to outshine gold, even as prices of both precious metals soar in the midst of a faltering global economy and a weakening U.
Record-setting gold prices may have created bullish investment opportunities in gold miners but their appeal will be put to the test this earning season as investors scrutinize their ability to stay disciplined. Silver bullion and gold mining equities broke through significant long-term resistance levels to further improve their bullish standing. But with U. One thought: How about swapping out some bonds for gold? Managers who run long-term portfolios worth trillions of dollars are taking interest in gold as they search for returns in a yield-starved investing landscape.
He has in-depth experience in asset management, especially in precious metals, having been responsible for gold and mining investments at BlackRock in London. The following essay teases out these lessons. Gold prices have soared to a record high, with investors rushing to find safe places to park their money as concerns grow about a resurgence in the coronavirus and the impact that could have on the global economy. Those levels eclipsed the previous record high price set in September Investor demand is booming and silver — which is the best conductor of electricity — has industrial uses, too.
Short-term supply, meanwhile, has been dented by pandemic-related closures. The metal can keep shining. Deepening negative real yields in the U. Gold has long been a mainstay in times of inflation—or any crisis, really. And for good reason: it does tend to beat stocks and bonds in a collapse, as the folks at Sprott Asset Management remind us. John Hathaway, Sprott Senior Portfolio Manager: We believe that the macro forces for gold and gold mining stocks have coalesced into what may be one of the 'fattest investment pitches' of our time.
A fat pitch is a momentary event, akin to catching a major trend change in the financial markets. Such opportunities do not come around often. They deserve serious consideration and expeditious response. Bullish factors building in the gold market are set to see prices take out the record set in , according to Citigroup Inc.
A relentlessly expanding physical hoard of bullion stored in London and New York means exchange-traded funds have usurped managed money in the futures market as the key driver of the price of the shiny metal. These are strange times on Wall Street.
Stocks are surging on optimism about a potential economic rebound. Yet investors are still very nervous about the growing threat of a second wave of Covid cases in the United States. The rising precious metals prices since March have buoyed the mining sector, which have begun to see sharp upward ticks across many popular mining funds.
We will look at several of them to get an idea of the returns investors have had over the last couple of months. At the same time, gold mining equities have gained This compares to Silver posted strong gains in June and is on the move again; silver is up 1. Gold headed for the biggest quarterly advance since amid a surge in demand for haven assets due to the coronavirus outbreak, which shows no signs of abating. Gold has value as a portfolio hedge over the long term.
Deciding exactly how to initiate a gold position is a key question many investors have. Ending a sleepy summer week, traders managed to reach a major landmark. The year real yield as shown by Treasury Inflation Protected Securities, or TIPS, and which can also be expressed as the nominal yield with the breakeven rate of inflation subtracted dropped to a new low for the year. At below We identify four long-term consumer-driven trends that are positively driving demand for silver, including solar energy, battery-electric vehicles BEVs , 5G cellular connectivity and antimicrobial applications.
Economist David Rosenberg believes that investing in a post-pandemic world is shifting our focus from what we want to what we need. Households and businesses are reassessing the importance of savings, liquidity and balance sheet health. Gold has been a "winner" during this crisis. In the 20th century, the range has changed so that one ounce of gold trades for about fifty to eighty ounces of silver.
As of the time of writing, it takes Thus, silver appears to be historically cheap relative to gold. Covid is accelerating many trends that were already in existence. The rising gold price is one such trend. Gold posted steady gains in May with a 2. Gold is up That it ought to move higher, and will move higher, is the theme of this analysis. In a broad market rally this month driven by optimism over a potential coronavirus vaccine, the reopening of the economy and a massive stimulus, small-cap stocks have outperformed.
Wall Street has been performing impressively with the major indices climbing to a week high. The rally was mainly powered by optimism over a potential coronavirus vaccine as well as an uptick in the economic activities as lockdown measures loosen. As the last decade draws to a close, gold has once again demonstrated its sensitive seventh sense and alerted the keen observer that the general situation in the financial markets is about to change fundamentally.
Gold miners have climbed steadily, following the positive path we predicted back in November As of April 30, , gold mining stocks were up In our view, gold mining equities still have a great deal of upside to offer, given that historically gold stocks tend to outperform the metal during gold bull markets x.
The stock is still underappreciated given the growth we have seen and what I expect we will continue to see going forward. Sprott has made a couple of strategic acquisitions over the last few years, and divested a significant part of the non-precious metals assets, which has positioned them perfectly for the current environment.
Gold is one of this year's best performing commodities and that's a theme that could extend as exchange traded fund demand swells and as central banks debase currencies. Forced into record spending by the threat of another Great Depression, policy makers are blurring the lines between borrowing the money they need and simply creating it.
As gold prices climb back towards their all-time highs, Barrick Gold CEO Mark Bristow sees his industry providing certainty during an uncertain crisis. Gold miners may be experiencing disruptions due to COVID pandemic shutdowns, but they stand to benefit from a rising gold price. CEO Peter Grosskopf: " We propose that gold is not only a financial hedge to government monetary and fiscal policies, but it is also a mandatory portfolio and household diversification asset Gold is first and foremost, a store of value.
We believe there is fundamental support for a qualified currency to exist outside of government-led debasement. Gold is more legitimate and efficient than any other alternative currency. The COVID crisis has already had a profound impact on silver supply, demand and prices, something we expect will continue for some months to come.
Central-bank balance sheets are expanding to record levels amid their latest buying spree, raising questions about how big they can get and whether those assets can ever be sold back to markets. Investors are rushing to put their money into gold as the coronavirus pandemic roils markets worldwide, with one asset manager reporting demand dwarfs the spike seen during the last financial crisis. Gold mining stocks continue to lag the metal and, in our opinion, represent a compelling investment opportunity.
The COVID pandemic panic was merely the black swan that punctured a financial market asset bubble that took almost a decade to inflate. There is now an ETF out there that allows investors to benefit from owning physical gold without having to incur the headaches and costs of insurance and storage. The silver market is in the throes of several changing trends as the COVID pandemic upends the global economy. When the dust settles, we see a bullish case for silver prices, as investment demand ticks upward while supply constraints linger.
The clamor for retail investors to get hold of precious-metals coins is about to get more urgent. The site makes gold, silver, platinum and palladium coins which are sold through a network of distributors. The shutdown comes as convulsive swings in financial markets spur a surge in demand among retail investors for precious metals as haven assets. Gold hit a new seven-year high Monday, with bullion stocks moving sharply higher as U.
Gold prices have pushed to nearly an eight-year high, and this is only the start as investors should keep an eye on the precious metal's long-term outlook, according to one gold fund executive. Prices were volatile, briefly turning lower for the year before climbing to their highest level since late Gold futures rallied to settle at their highest level in seven-and-a-half years on Thursday, getting a boost as the U.
The macro set of circumstances strongly favors gold. For the first time in over years, a global pandemic has struck with devastating results. Gold continues to deliver strong relative performance and was up 3.
The need for a safe haven asset like gold, that represents a store of value during crises has never been greater. The coronavirus outbreak has not spared anyone. However, in my view, the last reliable resort to take shelter in these uncertain times is the traditional safe haven: gold. The coronavirus outbreak has been playing foul on Wall Street over the past month, sending broad indices into a tailspin, thus raising the appeal for gold, which is considered a great store of value and hedge against market turmoil.
Notably, gold price jumped nearly 9. It is one thing to be a physically-backed metal fund and another to be a redeemable physically-backed one. Because physical metal is trading at such a premium today, this is a huge added benefit to Sprott funds over other ETFs. Jason Mayer, Senior Portfolio Manager, recaps the past two weeks: "We were not surprised by the recent selloff in gold bullion and precious metal equities.
If you think gold GC00, 0. The real price? If you can get it. The cracks are starting to show. Ludwig Karl is stuck at home, worried about his elderly relatives. All the while his business is booming. The company usually helps customers buy gold, but governments have closed scores of businesses amid the crisis, making it increasingly difficult for people to get their hands on the physical product.
Whitney George reflects on markets and the COVID crisis: "We are in a paradigm shift right now, one that may have taken us all a bit by surprise. I expect that central banks will shortly provide the liquidity required to settle the markets, an accomplishment that will be very favorable to gold. But as bullion deliveries hit a snag and mining operations slow, the precious metal may soon see prices rally to new heights.
We think gold has been sensing the endgame for Keynesian policy prescriptions, mainstream economic thinking and hyper-leveraged investment practices At the moment, mining company valuations appear extraordinarily cheap. It is one of the few industries that will report solid year-over-year earnings gains for the remainder of this year and perhaps into the next. Buying low is never easy but now is the time to do it. We remain committed to our employees and clients throughout this challenging period.
We have weathered many such periods in the past, and we are confident that our depth of experience and dedication will see us through. The massive sell-off in equities is forcing investors to cash in gains in gold to cover losses in the stock market.
The precious metal was poised for its biggest weekly gain in the futures market since before prices fell Friday. In times of coronavirus panic, even havens can be unreliable. Gold closed off February on a tarnished note, ending last week with its steepest daily decline since As financial markets panicked over the spread of the pneumonia-like illness, stocks tumbled and dragged gold and other precious metals lower.
We believe that even a small, incremental increase in investor focus and capital flows will drive the low valuations of precious metals mining shares considerably higher. Prices have surged this year as haven-seeking investors pour in. Markets have been shaken by worries that the coronavirus outbreak will cripple global growth, coupled with expectations for looser monetary policy around the world. Assets in bullion-backed exchange-traded funds are at the highest ever and money managers are holding a near-record bullish bet.
Part two of the Silver Series outlines some of the key supply and demand indicators that precede a coming gold-silver cycle in which the price of silver could move upwards. Coyne shares Sprott's outlook for gold bullion and gold equities , and explains that attitudes are shifting: Investors have traditionally invested in gold as a complement equity portfolios, but now view the yellow metal as an alternative to cash and bonds.
Gold began to shine in and continues to climb in We believe we are in the early stages of this gold rally, and discuss our bullish outlook and explain why investor interest in gold and gold stocks will likely continue to grow. Our belief in the metals stems from their value as hard assets and financial asset diversifiers.
We see rising deficits and higher debt levels around the world, and we see central banks globally having expansionary monetary policies. Palladium prices continued their relentless charge uphill Wednesday, shattering their old record high in a market that remains tight due to strong auto-related demand, analysts said. The Silver Institute believes that macroeconomic and geopolitical conditions will remain broadly supportive for precious metals, encouraging investors to stay net buyers of silver overall, a development that should lift silver prices higher this year.
Our Top 10 Watch List outlines what gold investors should pay attention to given our long-term bullish outlook for the precious metals complex. Gold is poised to perform strongly in , with geopolitical risk set to remain elevated, metals and mining research and consultancy group Wood Mackenzie said Tuesday. Miners are set to enjoy bumper margins and the trade-off between investing for the long-term and returning money to shareholders will be acutely apparent.
Stocks have returned to rally mode, but three defensive plays could be undermining the bull case. Palladium prices are likely to remain strong despite news that Russian producer Norilsk Nickel will release three metric tons of palladium ingots from its stockpiles, traders and analysts said.
John Hathaway, Senior Portfolio Manager: "Going forward, unless the Fed continues to expand its balance sheet, it risks a meltdown in equity and bond prices that could exceed the damage of the global financial crisis With continued advances in gold prices in , the return potential for gold mining shares — the still unloved orphans and pariahs of the investment universe — should prove to be very compelling.
The fast-spreading coronavirus has affected most corners of the broad market. In particular, airlines, casinos, cruise lines and leisure companies have been hit hard