The price of gold is forecast to fall to around 1,663 U.S. dollars. Gold and silver are the two most traded precious metals and have a much higher market capitalization than platinum. However, this doesn't mean that you should ignore platinum when investing in precious metals.
Clean energy generally requires more materials than fossil fuel power generation. Different ecological technologies require a mix of metals and minerals. It could be said that gold is the most popular metal among traders. People use it to hedge investments when risk aversion is high because it has a certain safe haven status.
However, keep in mind that because of its safe haven status, gold tends to weaken due to market optimism. Therefore, as countries make progress in vaccinating against Covid-19 and the pandemic comes to an end, gold could weaken. The main reason for the rise in silver is its use in the solar energy industry. Silver is essential in the manufacture of photovoltaic cells for solar panels.
Considering that the world is increasingly seeking to switch to renewable energy sources, the demand for solar energy is increasing. This trend directly translates into greater demand for silver, which increases its price. In addition to renewable energy, silver is also used in the production of chips, cables and other technological equipment, all of which are products that are in high demand. If you want to achieve the best tax savings in your portfolio, we recommend that you look for a precious metals IRA.