Metals Minute 14: Precious Metals Forecast

Frosty one today, but silver and platinum are warming our hearts. Gold was hammered down by trading programs at market open today, down 1/2 % to $1839, Silver is up 6/10% to $27.22, Platinum is up 12.8% for the week to $1,252, and Palladium is up a solid 4.5% to $2,368.

From this time last year, Gold is up 17%, Silver is up 54%, Platinum is up 29%, and Palladium is up 1.4%.

Silver is in backwardation right now, which history indicates could mean we see $50 silver within 3-4 months. Vast difference between the spot and physical price out there. Platinum and palladium are currently in play, due to less paper manipulation than gold and silver.

Those of you familiar with history will recall platinum used to be valued higher than gold, so still some great value there in platinum. Palladium has already seen a great run, so I believe Platinum should outpace Palladium this year.

Silver will likely help gold break away from the paper smash, which we discuss in greater detail here. The increased demand for physical ownership and delivery should continue to propel gold and silver to exceed our 2021 price targets in the months ahead.