Heraeus Precious Forecast 2022

  • Gold could reach new high
  • Silver likely to outperform gold
  • Record demand for palladium from auto industry

How will gold, silver, and the platinum group metals perform in the new year, given high inflation and the ongoing Corona crisis? As the world's largest precious metals service provider, what trends does Heraeus expect for its own business and for the industry as a whole? What do the current developments mean for precious metals trading and for industrial applications? We provide answers to these questions in our "Precious Metals Forecast for 2022".

According to Heraeus Precious Metals, the gold price could reach a record high in the new year. "Gold remains a safe haven and an insurance against geopolitical risks, and the risk of persistently high inflation is also positive for gold," said André Christl, CEO of Heraeus Precious Metals, at the presentation of the annual precious metals forecast. In addition, a weaker dollar should support prices.

For silver, Heraeus expects industrial demand to grow. Double-digit growth in the installation of photovoltaic systems is forecast for 2022. At the same time, silver demand from electronics will benefit this year from an increase in global smartphone sales, as well as from the continued rollout of 5G and the falling cost of 5G devices. In terms of demand for silver jewelry and silverware, Heraeus expects a return to pre-pandemic levels. Mine production, on the other hand, is expected to fall in 2022. If inflation and the weak dollar do indeed support the gold price, silver should outperform gold in these waters.

Platinum group metals are still stabilizing after last year's supply and demand side shocks from, for example, mine flooding in Russia, plant maintenance in South Africa, and lower auto production from chip shortages. The Corona pandemic remains a factor. However, the impact should begin to fade. After all, vaccines are widely available. In addition, the new covid variants appear to be less dangerous. This should allow a gradual return to normalcy.

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