2021 is a bad year for gold lovers: valuable steel has fallen by more than 8% since the beginning of the year, while virtual opportunities like bitcoin continue their historical career.
To rise to the problems of gold bulls, world gold council knowledge shows that central banks were gold traders in 2021, unloading 16. 7 tons.
Central banks added 8. 8 tonnes of gold to their reserves in February, with notable buyers such as India (11. 2 tonnes), Uzbekistan (7. 2 tonnes) and Kazakhstan (1. 6 tonnes), but overall in 2021 the weakest started for central bank gold. more than a decade.
This is to the jump of more than 11% of the S
Bank of America analysts said in a note to consumers in February that there have been symptoms of a “declining” demand in the gold market for some time due to the “lack of investor interest” in buying physical gold.
Bank analysts also noted that jewelry sales had been “disappointing” due to weak demand in key regions such as India in 2021.
BofA isn’t the bank to get away from gold either.
The wealth control team added that it expects gold to fall to about $1,800 an ounce until the end of 2021.
Since then, gold has fallen even more drastically than UBS had predicted. Valuable steel has dropped by 11% since the 2021 peak of $49 an ounce to approximately $1730 consistent with ounce.
The UBS team said that, given the weakness of gold, silver, platinum and palladium, they are the valuable metals of choice for investors in 2021.
“We advise investors with a strong appetite for threats that are platinum and palladium clients,” UBS analysts wrote.
Of course, all banks are bearish about the prospects for gold. Goldman Sachs and Citibank expect gold costs to return to $2,000 or more in 2021 due to the weakening of the US dollar.