This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Industrial demand to push silver prices to $50 in 2021, what Swiss gold data tells us about global gold demand, and why space mining will most likely remain confined to science fiction.
Saxo Bank: Overwhelming demand for silver will push prices to $50 next year
For the global markets, the tale of the tape this year has been one of uncertainty. One of the few things traders and investors have had no trouble betting on, however, is higher inflation and currency debasement. With trillions of dollars pumped into the economy and trillions more on the way, the question of fiat debasement has become one of when, rather than if.
Loose monetary policy is just one part of President-elect Joe Biden’s agenda, with a push towards green energy being another prominent point on his administration’s bottom line. The worldwide bid for green energy has already helped elevate silver in recent years, but now, Saxo Bank’s analysts believe the metal could shoot up to as high as $50 next year as the manufacturing sector recovers.
In their annual Outrageous Prediction report, the bank’s head of commodity strategy Ole Hansen made silver one of the top talking points. As Hansen explained, the bank is highly bullish on silver as demand from manufacturers is set to collide with investor interest. Having already doubled from its March lows of around $12 and outperformed gold in doing so, Hansen sees $50 silver in 2021 as a very realistic target.
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