Double-digit price rises are forecast for all metals against 2020 actual average prices, but only modest gains are expected from early January 2021 levels. Gold is set to increase by 11.5% on actual average prices in 2020, but see a more modest rise of 4.5% on actual prices in the first half of January 2021. However, gold’s unloved sister, silver, is undoubtedly the star of the show, with analysts forecasting a price increase of 38% on 2020 prices and 8% higher than those in early January 2021. We could be looking for a silver lining in 2021.
Average Forecasts in 2021 Compared to Average Prices in 2020
|Metal||2020 actual average price (a)||Analysts' 2021 average forecast||% change|
(a) Based on LBMA pm precious metal prices.
Average Forecasts Compared to Average Prices in early January, 2020
|Metal||Actual average price in first half of Jan 2021 (b)||Analysts' 2021 average forecast||% change|
(b) Based on LBMA pm precious metal prices 4 January to 14 January 2021 inclusive.
In this year’s forecast, we have 38 analysts from a record 21 cities in all corners of the globe offering their expert insight into the direction of precious metal prices in 2021. As usual, we have invited them to forecast the average price of each of the four metals in 2021 and to support their forecasts with insightful analysis.Read the commentaries behind the forecasts to see which of the analysts make the most convincing arguments to support their predictions for the likely path of prices in 2021.