Precious Metals Prices Forecast to Oscillate Between Extremes in 2018

SEATTLE (Scrap Monster): The latest Precious Metals Forecast Survey published by the London Bullion Market Association (LBMA) states that prices of gold and other precious metals are likely to fluctuate between two extremes in 2018. The 34 noted analysts who participated in the survey have come up with strongly divergent views with regards to precious metals prices in 2018.

According to analyst estimates, gold prices are likely to average between $1,215 per Oz and $1,318 per Oz during the current year. The prices are forecast to range from as low as $1,120 per Oz up to $1,510 per Oz, thereby implying a trading spread of $390. The analysts foresee an interesting journey for all precious metals, especially for gold in 2018. The overall mean is expected to be broadly in line with the price in the first half of January. It must be noted that gold prices had averaged at $1,257 per Oz in 2017.

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Among all the four precious metals, Silver is likely to emerge as the best performer in 2018. The most bullish forecast pegs a high price of $23 per Oz, whereas the most bearish prediction estimates the price to hit a bottom of $14 per Oz, thereby resulting in a trading spread of $9. Overall, the silver prices are likely to end up between the two extremes at $17.81 per Oz in 2018. This is 4% higher when matched with the average actual price of $17.31 per Oz during first half of January this year. Incidentally, Silver had averaged at $17.05 per Oz during the entire year 2017.

The platinum prices are likely to remain bullish in 2018. The prices are likely to average at $1000, higher by 3.1% when matched with the average price of $970 during the first half of Jan ’18.  The prices are forecast to range from a bottom of $732 to $1,250.

According to LBMA, palladium will turn out to be the worst performing precious metal in 2018. Incidentally, the metal was the best performer in 2017. The analysts forecast an average price of $1,080 for the metal, lower by 1.5% when matched with those seen during the first half of January this year. The trading spread is forecast at $750, with the lowest and highest prices projected to touch $750 and $1,500 respectively. It must be noted that palladium prices had surged higher significantly by nearly 17% in 2017.