In this year’s forecast survey, we have 34 analysts – from 18 different cities representing all corners of the globe – offering their expert insight into the direction of precious metals prices in 2022.

As usual, we have invited them to forecast the average price of each of the four metals for the year ahead and to support their forecasts with insightful analysis and commentary.

Analysts in this year’s survey are neutral about the gold price in 2022 forecasting that prices are likely to be broadly flat in 2022 when compared against 2021 actual average prices. Palladium is unloved this year, with analysts forecasting prices against 2021 average prices to fall -18%, with more modest falls expected for silver (-6.4%) and platinum (-2.5%).

Flat or negative prices forecast against 2021 prices, but analysts more bullish against H1 January 2022 prices

The deadline for analysts in this year’s survey was 14 January 2022, so they had the benefit of two weeks of trading before submitting their contributions.

If we compare analysts’ forecasts against actual prices in the first half of January 2022 we see a more bullish outcome for precious metals prices in 2022. The one exception is gold where analysts are forecasting a -0.4% fall in the price. However, they are more bullish about the prospects of the other three metals. In the year of the Queen’s platinum jubilee celebrations, analysts are most bullish about platinum prices, forecasting a +10% increase. More modest rises are forecast for silver and palladium, with increases of +3.6% and +3.8% respectively.


The Forecast Survey 2022 includes forecasts and commentary from the following contributors:

Name Company Metal
Adams, William Fastmarkets Au, Ag, Pt, Pd
Bahr, Robin Robin Bahr Metals Consulting (RBMC) Au, Ag, Pt, Pd
Butler, Jonathan Mitsubishi Corporation Au, Ag, Pt, Pd
Cheng, Tianze Bank of China Pd
Cooper, Suki Standard Chartered Au, Ag, Pt, Pd
Dahdah, Bernard Natixis Au, Ag, Pt, Pd
Fertig, Peter QCR Quantitative Commodity Research Ltd Au, Ag, Pt, Pd
Fritsch, Carsten Commerzbank AG Au, Ag, Pt, Pd
Ganapathy, Srivastava Eventell Advisory Pvt Ltd Au, Ag
Habluetzel, Andy Sharps Pixley Au, Ag, Pt, Pd
Hochreiter, Rene Noah Capital Markets/Sieberana Research (Pty) Ltd Au, Ag, Pt, Pd
Kavalis, Nikos Metals Focus Au
Keisuke, Okui Sumitomo Corporation Au, Ag, Pt, Pd
Klapwijk, Philip Precious Metals Insights Limited Au, Ag, Pt, Pd
Liu, Yufei Bank of China Ag
Marx, Henrik Heraeus Metals GmbH & Co. KG Au, Ag, Pt, Pd
Melek, Bart TD Securities Au, Ag, Pt, Pd
Mururi, Pearson Afriforesight Au, Ag, Pt, Pd
Newman, Philip Metals Focus Ag
Norman, Ross Metals Daily Au, Ag, Pt, Pd
O'Connell, Rhona StoneX Financial Ltd Au, Ag, Pt, Pd
Polleit, Thorsten Degussa Goldhandel GmbH Au, Ag, Pt, Pd
Savant, Rohit CPM Group LLC Au, Ag, Pt, Pd
Schallenberger, Frank LBBW Au, Ag, Pt, Pd
Schieven, Chantelle Capitalight Research Au, Ag
Shiels, Nicky MKS PAMP GROUP Au, Ag, Pt, Pd
Smith, Jacob Metals Focus Pt
Sporre, Grant Bloomberg Intelligence Au, Ag, Pt, Pd
Steel, James HSBC Securities (USA) Inc Au, Ag, Pt, Pd
Swarts, Wilma Metals Focus Pd
Teves, Joni UBS Limited Au, Ag, Pt, Pd
Vaidya, Bhargava B.N. Vaidya & Associates Au, Ag
Wang, Pengfei Bank of China Pt
Wang Zhexing Bank of China Au