LBMA Declared Winners of 2020 Precious Metals Forecast Survey

SEATTLE (Scrap Monster): The London Bullion Market Association (LBMA) announced winners of 2020 Precious Metals Forecast Survey. The analysts, during mid-January 2020, had provided their forecasts for average price for the four metals- gold, silver, platinum and palladium for the year 2020.

According to LBMA, analysts had forecast 12% surge in gold prices from 2019 to $1,558.8 per Oz on average in 2020. This fell short of the actual 2020 average gold price of $1,769.59 per Oz by nearly $200 per Oz.

The winning analyst for gold was Sharps Pixley’s Ross Norman, with a forecast of $1,755/oz, short of the actual price by just $14 per Oz. In second place was Rene Hochreiter (Noah Capital Markets/Sieberana Research Pty Ltd) with his forecast of $1,670 followed in third by Frederic Panizzutti (MKS PAMP GROUP) with his forecast of $1,636. 

Ross Norman secured first place in silver price forecast. His forecast of of $19.25/oz was the closest to the actual price of $20.55/oz during the year. Keiran Clancy of Capital Economics emerged as the winner for platinum, with a forecast of $880, as against the actual 2020 average price of $882.63. Meantime, the winning analyst for palladium was Zhenzing Wang of Bank of China, who had predicted $2,200, as compared with the actual price of $2,192.54.

The four winners will be awarded 1 Oz gold bar each.

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