Precious metals prices turned in quite impressive performances last year, with silver gaining 36% and gold up 24%. Although silver and platinum are both far behind their historical highs, gold surpassed its’ record 2008 high of $1033 per ounce in mid-December of last year, going as high as $1226 before falling due to the weakening of overseas currencies and some profit taking.
Gold went as low as $1062 last month, and over the last few days gold has been evasive about which side of $1100 it can gain the most support. Gold is still on most economists’ “watch-lists” right now because the majority of mainstream projections place gold between $1350 and $1600 by the end of the year, which would be a demonstrative shattering of the current $1226 record.
The dollar is expected to lose 9-14% of its’ value this year, and the inverse relationship that many commodities have with the dollar applies to gold as well. Precious metals like gold and silver also benefit from a declining US dollar, although it doesn’t appear likely that silver or platinum could surpass their respective historic highs in 2010.
Platinum climbed to over $2200 in 2008, before the automotive industry took a dive and eliminated the need for many platinum-infused carburetors. Abundance of production silver, and profit taking have repressed silver prices as of late, and these two identical looking white metals are presently valued at $1509 and $16.18 per ounce, respectively.
While recent forecasts confirm prior predictions of higher prices across the board for gold, silver, and platinum, it looks like record-breaking precious metals prices could be limited to gold in 2010, as silver is $40 below its’ historical high, and platinum is over $600 beneath its’ record-high mark. If you wish to buy or sell precious metals, or if you simply need more information on a particular topic, our customer service experts will be glad to assist you.