Precious Metals Poised for Significant Gains in 2021

SEATTLE (Scrap Monster): The precious metals are poised to have spectacular gains in 2021, after recording significant gains during 2020, said Metals Focus. Gold and platinum are likely to hit new record highs in 2021. However, silver is expected to outperform other precious metals.

The investors’ attempts to protect their wealth amidst pandemic crisis, coupled with supply deficits, led to rally in precious metals during 2020. Gold and palladium prices were up by over 20% each. Silver prices skyrocketed by 47%, whereas platinum prices recorded 10% jump over the previous year.

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Despite stellar rally in 2020, silver is likely to witness biggest gains during the current year as well. In addition to its safe-haven appeal like gold, silver has turned out to be the preferred material for use in several products including solar panels. The dual role could ensure better performance than gold, as global economic growth picks up.

The supply of platinum has rebounded from Covi9-19 lows. This could drag on prices. Incidentally, the prices of the metal are around $1,000 per Oz, which is more or less at the same levels recorded during the beginning of 2020. Meantime, palladium is likely to extend shortfalls in 2021. The undersupply situation will lend support to prices, said various analysts.