Stable value

Silver, platinum and gold: precious metal prices set to surprise?

Posted by MoneyController on 17.05.2024

Among the asset classes that have experienced a bullish phase in recent months are precious metals such as gold, silver and platinum.

Gold, silver and platinum: Saxo Bank's price forecasts

It is a period of rising prices for three precious metals: gold, silver and platinum. In this regard, Sam Meredith (CNBC) reports on some predictions made by analysts at Saxo Bank: according to the Danish bank's experts, gold could soon test the $2,400 an ounce mark, silver reach $30 an ounce, and platinum $1,130 an ounce.

Gold's momentum

In an interview with CNBC, Edmund Shing, chief investment officer of BNP Paribas Wealth Management, points out that gold has now (and for the time being) abandoned its traditional negative correlation with (historically high) interest rates and the dollar. In part, the surge in gold prices can be explained by central bank purchases. In particular, the Chinese central bank bought gold for the 17th month in a row.

Can silver also approach its historical price record?

Shing observes that, in terms of price growth, silver could be characterised by an even more pronounced bullish phase in the coming months. It should not be forgotten that - unlike gold, as Shing points out - silver is still far from its all-time high of $50 an ounce.

Not everyone is so optimistic about the metals (ING's gold forecast)

Although Saxo Bank has spoken of the ‘year of the metals’ (also talking about a positive outlook for copper prices), not all analysts agree that metals such as gold and silver will grow in the coming months: Sam Meredith reports on the opinion of Ewa Manthey, commodities strategist at ING, who explains that the Dutch banking group's experts expect average gold prices for 2024 to be around $2,218 an ounce.

Read also:

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Gold price continues to rise: too late to invest?

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