Bullish outlook surrounding gold and silver prices, as revealed at the 2024 London Bullion Market Association (LBMA) Precious Metals Conference. While gold is expected to continue its record run, silver is anticipated to be the standout performer in 2025.
Key takeaways from the LBMA survey:
- Silver: 45% of attendees expect silver to outperform, with prices forecasted to rise to $45 an ounce—a 43% increase from current levels—driven by strong industrial demand and supply constraints.
- Gold: 37% believe gold will be the top asset, with prices expected to reach $2,941.40 an ounce, reflecting a 10.5% increase. Central banks and Western investors increasingly see gold as a portfolio diversifier.
- Platinum: 16% of delegates favor platinum, predicting prices to reach $1,147.90 an ounce (a 16.4% rise), fueled by industrial demand and supply deficits.
- Palladium: Only 2% expect palladium to outperform, with a modest forecasted increase to $1,058.90 an ounce (+6%).
Highlighting that last year’s LBMA forecast underestimated gold’s performance, as it has surged 33% from 2023 levels. Experts see gold’s rise despite a relatively strong U.S. economy, persistent inflation, and a resilient labor market. Silver, however, is viewed as having the strongest upside due to its essential industrial applications and constrained supply.
In summary, while gold remains a strong hedge in uncertain economic conditions, silver is projected to see the most significant gains in 2025.
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