Dealers see gold climbing towards year’s end, survey says

Gold is anticipated to reach $1,460 USD or higher; silver about $20 USD; and platinum about $1,150 USD by the end of 2018 according to an informal survey of some of the leading U.S. precious metal dealers.

Members of the Professional Numismatists Guild (PNG) Accredited Precious Metals Dealer program (AMPD) were asked if their estimates for precious metals prices at the end of 2018 had changed since the year-end New York spot closing prices on Dec. 29, 2017. Several respondents indicated they increased their 2018 year-end projections for gold in the last few weeks because of such things as speculation about additional Federal Reserve interest hikes, potentially higher oil prices, higher inflation in the U.S. and Europe or a weaker U.S. dollar.

“A majority of the respondents, who are on the front lines of buying and selling physical precious metals coins and ingots with the public, have slightly revised their estimates upward,” said PNG President Barry Stuppler. “Of course, prices fluctuate during the year, but the average of their estimates now is for gold to be $1,461.33 an ounce at the end of 2018. Gold ended 2017 at $1,306.30, so a predicted close at $1,461.33 would be a $155.03 increase; 11.8 per cent.”

Two of the 25 respondents thought gold would be a little lower than $1,400 USD by year’s end and three thought it could be $1,500 USD or more.

SILVER, PLATINUM ESTIMATES

Estimates on silver by the end of the year varied quite a bit, from a low of $16.25 USD to a predicted high of $30.70 USD. The combined average estimate for the end of 2018 was $20 USD. Silver closed in New York at $17.06 USD at the end of 2017.

Estimates for platinum by the end of 2018 ranged from a low of $1,000 USD to a high of $1,400 USD with the combined average estimate at $1,150.23 USD. Platinum closed at $935 USD at the end of New York spot trading in 2017.

“Precious metals investors should consider cost averaging by making purchases over intervals of time, and always be mindful of the premiums being charged over the intrinsic value of the precious metal coins or ingots. You absolutely need to know your precious metals dealer,” said Stuppler.

All members of the PNG-APMD program undergo a background check, must adhere to a strict code of ethics in the buying and selling of numismatic items and guarantee the authenticity of the numismatic merchandise they sell.

A directory of PNG-APMD members can be found at apmddealers.org/apmd-dealers.

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