Time to trade dark horses of the metals market?
Throughout 2020, we kept our eyes on the performance of the gold. The question “What is going on with gold?” was among the most popular ones in FBS social media. There were quite obvious reasons for that popularity, which we observed earlier. At the same time, traders seem to forget about other important elements of the metals market. They are platinum, silver, and palladium.
What are the forecasts for these metals?
According to the senior analytical agencies, the trio will likely outperform the gold due to the rising industrial demand. They also see the election of the Democratic candidate Joe Biden as a positive sign for the metals. The expected tighter environmental regulation by Biden’s administration is a top reason for analysts’ beliefs.
UBS sees silver at $30, platinum at $1 250, and palladium at $2 900 this year. As you can see on the chart below, while palladium and silver are forecast to reach the last year’s high, platinum is set to reach the peak of 2015.
As for TD securities, it is more bullish on palladium compared to platinum. According to the company, palladium will be pushed to $3 000 by the end of 2021. Meanwhile, the price of platinum is expected to average around $1 000. TD analysts see gold and silver strengthening during 2021. While the yellow metal is set at $2 050 by the end of the year, silver is projected at $30.
How to trade metals with FBS?
Check the performance of your favorite metal here and log into your personal area!
