Mike McGlone, senior commodity analyst at Bloomberg Intelligence, said: “In 2021, we see an upward trend in industrial metals, while precious metals turn lower… However, this trend is likely to reverse in 2022.
According to the expert, the top investment tools of 2021 will not be the perfect choice for 2022, when the global economy gradually stabilizes again after 24 months of the pandemic raging.
“Aluminium and copper’s biggest gains in 2021 are understandable, but by 2022, the economy will be back to more normal. This will put more pressure on industrial metals, while creating momentum. for gold,” emphasized Mr. McGlone.
“If copper and aluminum pulls back from 10-year highs, gold has the potential to move higher in bond prices. To be the star of 2022, copper prices must essentially hold above the $10,000 mark, if no gold can take the wave,” Mr. McGlone argued.
In addition, the expert of Bloomberg Intelligence also predicts that in 2022, gold will outperform silver. “Silver is one of the worst performing precious metals in 2021…. So in contrast to silver, we expect gold to do well in 2022.”
Currently, gold is still in a bull cycle after hitting a historic high last year and despite its erratic ups and downs this year.
Mr. McGlone also shared that a major obstacle for gold is bitcoin. “Bitcoin can damage gold’s allure in the same way that gold does to silver,” noted expert Mike McGlone.
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