We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept
BullionVault

CHARTS

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Vaulted gold & silver
    • -Live order board
    • -Daily Price
    • Coins for delivery (UK)
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Vaulted gold & silver
    • ⤷
    • Live order board
    • Daily Price
  • Coins for delivery (UK)
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices 'Caught' Between Covid and Massive Stimulus Ahead of Chinese New Year

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • January 2021 (18)
  • December 2020 (24)
  • November 2020 (23)
  • October 2020 (25)
  • September 2020 (25)
More...

List of authors

Gold 2020: New Record Coming, Says Top Forecaster

Monday, 2/03/2020 16:03
Even the most bearish price forecast is bullish...
 
GOLD PRICE gains of 10% from last year will be more bettered again in 2020, according to industry body the London Bullion Market Association's survey of market analysts.
 
On an average annual basis, gold priced in the Dollar recorded its most bullish year since 2011 in 2019, rising 9.8% to $1392 per ounce.
 
The average annual price now forecast by the 30 analysts entering this year's LBMA Forecast Survey competition comes 12.0% higher again at $1559 and driven by political and economic uncertainty.
 
Repeated Survey winner and now independent analyst Ross Norman projects gold will touch a new all-time high in 2020 of $2080 per ounce – some $300 above the next most bullish top, forecast by Frederic Panizutti of Swiss refining group MKS Pamp.
 
Last year's joint gold-price winners – Rhona O'Connell of brokers INTL FC Stone and Rene Hochreiter of South Africa's Noah Capital Markets – see gold averaging $1590 or $1670 respectively in 2020, a rise of 14% or 20% from last year's annual level.
 
Most bearish is 2015 winner – back when gold prices set their lowest annual average since 2009 after 3 years of falling – Bernard Dahdah of French bank Natixis, who predicts a low-high range of $1300-1450 with an annual average of $1398.
 
That would still represent a $6 rise from 2019's average level however, the first year since 2011 that the Survey's lowest forecast has come above the prior year's annual average.
 
Over the last 15 years, the gold price out-turn has fallen outside the range of highest-to-lowest annual average forecasts only twice, first when analysts were caught out by the depth of 2013's crash, and then by the surge of 2016.
Chart of gold annual average (red) versus LBMA Forecast Survey's highest and lowest prediction. Source: BullionVault
 
"The biggest downside risk in our view is if holders of physically backed gold ETFs offload investments," says Dahdah.
 
But "in this complex environment" of weak global growth, Middle East tensions, and a US election year, "gold shall remain an asset of choice against market risks," says MKS' Panizutti.
 
Norman goes further, explaining his average forecast of $1755 – almost $200 per ounce above the consensus outlook – by saying that 2019 showed central banks "are locked into QE forever", enabling record-high debt levels with stock markets now "massively overvalued.
 
"Financial markets are trapped, and we expect gold to respond by hitting an all-time high in H2 2020."
 
Winning the 2019 forecast for palladium, Norman has now taken 7 first places in the LBMA's Survey competition, matching the top-prize count of Hochreiter.
 
"Gold is expected to be in for a volatile year in 2020," says the LBMA's commentary, noting that the gap between the lowest-low and the highest-high forecasts gives a range of $780 compared to $325 last year.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
5 January 2020

Gold Investor Index

Gold investing +58% in NY21

 

 

 

LBMA webinar
21 January 2021

LBMA

London gold trading

 

 

 

International
Investment

16 December 2020

Gold 2021

Gold in 2021

 

 

 

LBMA Alchemist
1 December 2020

Newton

True Gold/Silver Ratio

 

 

 

  •  Email us

Market Fundamentals

  • 'Cut Bullion Duty to Cut Smuggling': India's Gold Industry
  • Platinum Price Hits 4-Year High Even as Electric Beats Diesel Cars in Europe
  • Record Investing Pushes 'Industrial' Silver and Platinum into Deep Deficits
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube

Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

Secure auto-logout warning

You have not been active for some time.

For your security you will be logged out in   minutes unless you take action.