Upward potential and low valuations are in demand. As well as durable mines with high quality. This is the only way to create added value even with leverage at higher gold prices. Gold is in trend and the mood is positive. And if the price of gold ever rises above USD 1,600 per troy ounce, then the way up should be clear. High quality gold companies will benefit particularly. Because the costs are relatively fixed.

Poland is one of the biggest climate sinners in Europe. In 2040, coal is to be replaced by nuclear energy, gas and renewable energies. The country wants to achieve the European targets for CO2 emissions. From 2033, nuclear power is to flow. There are still no nuclear power plants in Poland. Even though the construction was planned as early as 1971. Zarnowiec on the Baltic Sea was chosen as the location. In 1982 the construction work was also started. But then the project was put on hold.

In the years 2014 to 2018, the index was down by around 11.52 percent. Precious metals, including palladium, were the main contributors to the 2019 plus. For the third year in a row palladium was the best performing commodity. In the course of last year, the price of palladium rose by 54.21 per cent to $ 1,912 an ounce.

An important topic is of course the presidential election in the USA. The democratic challenger is not yet known. It is difficult to predict how trade disputes will develop. Sanctions against Chinese companies also seem possible. Perhaps a change of personnel will bring more peace in trade relations. This is not known, but risks continue to exist in any case.

Since gold is a highly efficient conductor, the precious metal is predestined for use in electronics manufacturing. Gold is not only found in mobile phones and computers. Because switches and contacts made of gold have special properties. According to the automotive industry, the global transport infrastructure requires precious metals. Similarly, in space technology, the construction of rockets or vehicles is not possible without gold.

Global economic and political uncertainties and squabbles brought the silver price gains. One of the big silver consumers is India. The recovery in demand, which began in 2017, continued in 2019 and should continue in 2020. On the supply side, the oversupply of silver is clearly dwindling, with mine production expected to continue to decline.

Connoisseurs of the gold market have their say. The Goldman Sachs Group and also the UBS Group forecast a gold price of USD 1,600 per troy ounce. This price was last seen in 2013, and gold will continue to be used as a hedge in the new year as well - there should be no doubt about that. The central banks are also likely to continue to buy gold. After all, they consume a fifth of the world's gold supply.

The geopolitical tensions are not easing. North Korea is threatening with "a new strategic weapon". The nuclear negotiations with the USA stagnate. For this reason, Kim Jong-un, the ruler, no longer considers himself bound by the agreements on atomic bomb tests and intercontinental missiles. Gold should have further potential and rising prices would not be surprising.

"Train drivers should save electricity," was recently reported in a major German daily newspaper. According to the railway directive, "smart" braking and sometimes letting the car roll out is part of it. That's all well and good. But does this fit in with the fact that more and more trains are to be put on the track? The crowds could well make the trips longer, especially if the train drivers then had to drive in an energy-saving manner.

At least those who invested at the beginning of the year were rewarded. Also in 2020 the outlook for precious metal prices and thus also for the shares of companies with precious metal deposits looks good.