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Precious Metal Report 2020

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Precious metal investors can breathe a sigh of relief, precious metals are finally back on the trigger! In the case of palladium, a trend reversal has been underway for some time now, with the price of palladium increasing from US$ 470 to US$ 1,770 since January 2016.

Gold saw its latest low in October 2018 and has since risen from US$ 1,180 to - at its peak - just under US$ 1,550 per ounce. In June 2019 there was even a breakout from a downward trend channel that had lasted for years. In many currencies, the yellow metal is even trading at or close to all-time highs.

Silver was also able to break through upwards in June 2019 and quickly climb from just under US$ 14 to - at its peak - US$ 19.30 per ounce.

While the recent rises in silver and palladium have been driven primarily by economic and speculative factors, gold has been driven more by fiscal and geopolitical distortions.

The whole thing is "tightened up" by the central banks. After decades of gold sales, they have been back on the buying side since 2010 and have recently even recorded record purchases. A total of 23 central banks increased their gold reserves in 2018. Russia (which has officially overtaken China in the meantime), but also Turkey, India, Poland, Egypt, Brazil and Kazakhstan bought gold in 2018. Central banks increased their gold stocks by 656.3 tonnes in 2018. This was 73% more than in 2017, which meant that a large amount of supply was taken off the market by the central banks alone, which once again appeared on the demand side and not on the supply side.

Since 2011, the photovoltaic sector has played an important role in demand for silver. China, in particular, wants to significantly increase the share of photovoltaic capacity. By 2020 alone, the Middle Kingdom wants to achieve 110 gigawatts of cumulative photovoltaic output. This means that more and more silver is bound in corresponding solar modules for at least 20 years!

This report provides insightful information about the precious metals sector and provides insightful interviews with selected industry experts. The presentation of a number of interesting companies that are suitable for speculation on rising battery metal prices completes the report.

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