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The price of industrial and precious metals has moved away from its highs reached during the pandemic, but they remain at the top of the commodity super cycle.
Gold, which peaked at $2,115.20 per ounce on August 6, 2020, is now trading at $1,816.5, 14.12% below its high. This year gold is down another 0.66%, in addition to closing 2021 with a loss of 4.46 percent.
Silver, for its part, is trading at 22.95 dollars per ounce, which means 23.83% below its maximum of 30.13 dollars reached on August 10, 2020. In 2021, silver closed with a drop of 12.07 percent. The first two weeks of 2022 the metal loses 1.83 percent.
For its part, platinum, after registering a maximum of 3,171.50 dollars on October 15, is sold 6.15% below that price at 2,976.50 dollars. However, this precious metal closed 2021 with a rise of 41.83% and in 2022 it gains 6.02 percent.
“The demand for metals as a refuge asset and investment asset fell in the face of the global economic recovery and the expectation of a less flexible monetary policy from central banks,” explained a report by Banco Base.
The situation of industrial metals is different, as they reached their maximum last October and have not yet defined their course this year. Zinc has a 7.21% loss compared to its maximum, going from 3,794 to 3,521 dollars per ton.
Aluminum is at $2,976 per tonne, down 6.15% from its high of $3,171.5 and lead 3.40% below its high of $2,438.5, to now trade at $2,355.5.
Copper peaked at $10,460 per tonne on May 11, 2021 and is currently trading at $9,719.5, down 7.08%, after rising 25.17% in 2021.
less demand
“The improvement in the economic activity of the United States strengthened the dollar, which reduces the demand for raw materials, making them less accessible to investors who have other currencies and reduces their value,” reads the Banco Base report.
According to the Black Wallstreet Capital report, “it can be deduced that the process of decelerating inflation will be long and could take all of this year to find the turning point. The International Monetary Fund estimates high levels of inflation for this 2021 that have not been seen in decades for various countries. By 2022, a slowdown in inflation will be observed, but still above the objectives of the central banks.
ariel.mendez@eleconomista.mx
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