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News

Vasario 10, 2021

Similar trends are repeating every few weeks: gold and silver prices fall compared to the previous week, and palladium, platinum and copper values rise. Strong changes happened this week - the graphs of precious metals show that metals’ prices were in low positions until the middle of the week, but recovered at the end of the week. The increase in the value of metals can be directly linked to the weakening of the US dollar (source: Metalsdaily.com). It should come as no surprise that metal prices will rise again next week.
Gold currently costs $ 1,830.57 an ounce. The price of the metal has fallen below the $ 1,800 an ounce this week, but according to reviewers, the value of the metal is recovering smoothly (source: Fxstreet.com). It is important to mention that experts note that inflation is coming (source: Investing.com). With inflation, precious metal prices are expected to rise. Another good news is that the demand for gold in China is starting to grow again (source: Brecorder.com). This period for gold should be quite good.
 
Silver fell to $ 27.29 an ounce. Like all metals, the value of silver fell at the beginning of the week, but recovered quickly at the end of the week (source: Fxstreet.com). Fxempire.com says that white metal should maintain its price position at a consistently high level this year, and there should be no significant price falls. Miningweekly.com says that in 2021, silver will deplete all precious metals with its rapid growth in price and demand. It remains to be seen whether these changes will really go smoothly.
 
The price of palladium rose to $ 2352 an ounce, and platinum to $ 1166.56 an ounce. As might be expected, the price of palladium continues to rise: experts' predictions are becoming true (source: Metalsdaily.com). Platinum, meanwhile, is also pleasantly surprising - as the price of the metal exceeded $ 1,160 an ounce, experts believe that its value will rise above $ 1,240 an ounce in the near future (source: Economies.com). South Africa's mine Impala Platinum expects earnings to grow 300% over the next six months, only driven by growing demand for platinum (source: Nasdaq.com).
Car sales in China rose 30% in January (source: Reuters.com). Sales at the car manufacturer Geely in Japan jumped 40% year-on-year (source: Autonews.gasgoo.com). As the demand for cars grows, so does the demand for precious metals too.
 


 
The price of copper has risen sharply this week - it currently costs $ 8208.47 a tonne. The new US government is economically stimulating the promotion of copper not only in China but also in other countries, so it is possible that the price of the metal may rise again to a record high (source: Mining, com).