2019 may have been the most exciting year for precious metals in recent memory. From palladium’s dramatic rally to record prices, to central banks across the globe binging on gold, there was no shortage of important events. Learn more in this episode of USMR Market Insights with Coy Wells.
Did 2019 Pave the Road to 2020 with Gold? – Video Transcription
Coy Wells: 00:00
2019 was an eventful year for gold and other precious metals, with historic price performances, record highs and a frenzy of significant purchases by central banks across the globe. Gold saw an amazing ascent with its biggest rally in nine years. At the time of this recording, MarketWatch projected goal to end 2019 with prices at least 15% higher than they were at the beginning of the year. A variety of factors contributed to this rise. Most notably interesting: gold as a safeguard against economic uncertainty. It wasn't just individuals who desired the precious metals. Central banks across the world felt the need to purchase gold. For example, the central banks of China and Russia bought around 251 metric tons of gold in 2019. With economic uncertainty abound, gold shows no signs of stopping in 2020. 2019 also proved to be a momentous year for palladium, the precious metal used in devices that claim pollution for car exhaust.
Coy Wells: 00:57
These devices have recently become a requirement for auto manufacturers by lawmakers across the world. Palladium is also only sourced from mines in South Africa and Russia and the mines in South Africa have recently been experiencing significant production issues. This crunch on supply and increase in demand have calls palladium to skyrocket in market value in 2019. Other precious metals also had great runs in 2019, so our prices advanced around 16.9% over the course of the year, according to Kitco. Platinum had a strong performance as well, seeing around a 12% increase in demand, according to the World Platinum Investment Council. For more information, please call the number on your screen or click the link below to receive access to U.S. Money Reserve's latest special report: How Much Gold is in the World. This report breaks down the facts that support gold in a way that's easy for the average consumer to understand. Please give us your thoughts in the comments below and share this video. Make sure you subscribe to our YouTube channel so you don't miss a single new episode of Market Insights. I'm U.S. Money Reserve's Coy Wells, and thank you for watching Market Insights.