2023 will be a positive year for precious metals

In the “Precious Metals Expectations for 2023” report prepared by Troy Precious Maden, the slowdown in the interest rate hikes of the global central banks, the weakening of the purchasing power of the dollar and the global risk appetite; It was pointed out that it would increase the interest in precious metals such as gold and silver. In the report, it is estimated that in 2023, gold will reach a new record level by exceeding 2000 dollars on an ounce basis, and silver will reach up to 35 dollars per ounce.

Troy Kıymetli Maden Ticaret A.Ş., one of Turkey’s leading companies in the precious metals trade, has announced the “Precious Metals 2023 Expectations” report. The report states that gold, which is regarded as a “safe haven” by investors, failed to fulfill its role last year and ended the year with a loss. In the Troy Precious Metals report, it was noted that 2023 will be a positive year in terms of returns on precious metals such as silver, platinum and palladium, as well as gold.

Gold will try record levels

In the “Precious Metals Expectations for 2023” report of Troy Precious Metals, it was stated that the sharp interest rate hikes by the central banks of developed countries, especially the FED, caused the suppression of gold prices. In the report, “last year was a very active year in terms of gold, but it was not able to determine a clear direction. Gold prices, which rose to the level of 2,070 dollars / ounce with the effect of the start of the Russia-Ukraine war, were able to close the year at the level of 1,824 dollars / ounce, slightly below the level they started.

Emphasizing that 2023 is expected to be a year in which the rate of interest rate hikes will slow down and inflation will be brought under control, the report said, “In addition to a slowdown in the rate of increase in interest rates, 2023 will be a year in which the global risk perception will decrease. In addition, it will be a year when the effects of the pandemic are completely eliminated, especially when China removes restrictions in line with other countries. In the light of these expectations, the report underlined that the main factor that will strengthen gold this year is the weakness in the purchasing power of the dollar. In the report, which draws attention to the fact that gold prices will accelerate in the event of the weakness of the purchasing power of the dollar, as well as the loosening of the hawkish policies followed by the FED, the deceleration of the interest rate hike and the global risk appetite, it is emphasized that gold is expected to exceed 2000 dollars on an ounce basis again this year and record a new record level.

35 dollars / ounce level is expected in silver

In the Troy Precious Metals “Precious Metals Year 2023 Expectations” report, it was pointed out that the physical demand for silver, which closed last year on a positive note and started this year at 23.96 dollars/ounce, has increased. In the report, which stated that silver prices will increase in 2023 due to the decrease in stocks with increasing demand, “White metal, whose usage area has increased from electric vehicles to 5G technology, from solar energy to many new technologies, draws attention with its weakening supply structure in the face of increasing demand. While it is observed that silver withdrawals from COMEX and LBMA cases have increased, we expect this decrease in stocks to be reflected in silver prices in the coming days. In the report, it was emphasized that under these conditions, silver is expected to rise to the level of 35 dollars / ounce again this year.

Interest in platinum will increase with green energy investments

In the Troy Precious Metals “Precious Metals Year 2023 Expectations” report, it is stated that the interest in platinum, the precious metal that provided the highest return to its investors last year due to concerns on the supply side, is expected to continue this year for similar reasons. In the report, “Especially in green energy, while the investments of countries are expected to increase the use of platinum, hydrogen energy investments will be one of the important elements that will accelerate platinum. On the other hand, the problems to be experienced in the supply of palladium due to the continuation of the Russia-Ukraine war pushes platinum to be used as a substitute. We expect platinum to rise to the level of 1200 dollars / ounce in 2023.

Palladium will find support from the recovering automotive industry

In the report, it was reminded that palladium, which reached record levels of 3019 dollars / ounce with the start of the Russia-Ukraine war, could not hold on to these levels and ended the year as the precious metal that lost the most value with the effect of recession expectations. In the “Precious Metals Expectations for 2023” report, “80% of palladium is used by the automotive industry. Palladium prices will accelerate as the automobile industry is expected to recover towards the middle of 2023. For this reason, we anticipate that palladium will rise above 2000 dollars/ounce level again this year, despite the metal sanctions against Russia.

TROY PRECIOUS METALS, PRECIOUS METALS PRICE FORECAST IN 2023 (dollars/ounce)

2023	Lowest	Highest	End of the year
GOLD ($/ounce)	1760	2217	2055
SILVER ($/ounce)	19,00	34,56	29,28
PLATINUM ($/ounce)	850	1417	1243
PALLADIUM($/ounce)	1300	2578	2203