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Long Term Outlook For Precious Metals Looks Blurred Despite Strong End Of 2022

  • Inflation and recession fears have sparked buying in precious metals.
  • Precious metals have outperformed several sectors of the US stock market.
  • The U.S. Dollar dropped in value over the past couple of weeks.
Gold

 

Via AG Metal Miner

The Global Precious Metals MMI (Monthly MetalMiner Index) stayed within a sideways range this past month. However, precious metal prices did rise by a modest 1.13%.

As the US dollar dropped in value over recent weeks, precious metal indexes responded accordingly. Month-over-month, gold, platinum, and palladium all saw a brief rally between Nov 3 – 10. However, they soon began to cool off again. Silver reacted similarly, but managed to continue its rally a bit longer than the other three.

Wrapping up 2022, it’s clear that precious metals managed to outperform several sectors of the US stock market. And inflation hindering stock movements and fears of a recession driving up precious metal prices, this is hardly surprising.  

Precious Metal Prices: Silver

While it extended its November rally longer than gold, the silver index began to show similar patterns. Overall, silver displayed robust, upward price action, which helped create new highs. It broke out of previous price ceilings during the summer months, leaving many wondering if it could rise in price percentage as much as gold.

Platinum Month-Over-Month

The platinum index largely mirrored gold month over month. Price action began to break previous highs and form new ones in the short term. However, investors shouldn’t rule out a potential pullback in the future, as an uptrend has yet to be established. As such, the market’s overall direction remains uncertain for the long term.

Gold Forms New Highs

Between October and November, gold prices rose significantly, even to the point of establishing brand-new highs which have held through December thus far. However, like platinum, a pullback cannot be ruled out yet. Indeed, prices often begin to cool after short-term rallies of this nature. The market would need to see higher lows followed by a new high to establish a long-term uptrend of at least six months.

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By Jimmy Chiguil and Jennifer Kary

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