Clearly, a large measure of the gold rally in 2018 and 2019 was gold safe-haven buying, but it also appears that classic bullish fundamental developments began to surface in May 2019, and those fundamentals are the foundation of the extension of our bullish view into 2020. Those fundamentals include continued central bank buying, declining South African gold production, and ongoing investment in physical and derivative holdings. Palladium’s unrelenting cycle of hitting new all-time highs continued in early 2020, but this could be the year that platinum moves into the leadership role. But it could also be a year when the PGM bull market exhausts itself. Copper was the least exciting, but most likely a sustained bull market for 2020.
- Production and Holdings
- Investment demand