Direct Bullion, a UK precious metal dealer, said Monday that it believes gold prices will “break new records” in 2021, with economic uncertainty driving demand for new year’s goods.
Although production is projected to increase by 9% in 2021, metal focus remains high in gold, and is expected to exceed $2,000 per troy ounce. Blue Line Futures forecasts a $2,500 cap by December 2021, and Goldman Sachs recently raised its 12-month gold forecast to $2,300 per ounce.
But far ahead of these forecasts, Direct Bullion said its study showed a 40% rise in gold prices, potentially reaching $2,800 per Troy Once in the first six to seven months of 2021.
Direct Bullion, which hasn’t settled on gold, adding an incredible amount to gold prices, predicts that platinum could also “surge” in the new year. Metals act as catalysts for hydrogen fuel cells, and therefore metals play a “pivotal role” in the global shift towards sustainable fuels.
Acting as evidence of this fact, Hyundai announced in October that it plans to use approximately 70,000 ounces of platinum per year in its fuel cell stack by 2030.
Speaking about gold prices and demand for precious metals in the new year, Paul Withers, CEO of Direct Bullion, said: With gold prices likely to reach highs of up to $2,800, there was no better time than investing in physical gold as a safe haven asset. ”
“The security provided by investing in physical materials is an attractive proposition for investors trying to avoid the potential for market volatility. Customers often hear them say, “I wish I had bought more!”
