Publication of Precious Metals Investment Focus 2026/2027

Launch of the Precious Metals Investment Focus 2026/2027 Report

• Metals Focus launched its flagship annual report on gold, silver, and platinum group metals (PGMs) at the LBMA/LPPM Conference in Sorrento (p. 1).
• The report provides comprehensive historical data and forecasts for 2026/2027 across key investment instruments, including futures, exchange-traded products, physical investment, and equities (pp. 1, 7).

Macroeconomic Context and Precious Metals Performance in 2026

• Strong investor inflows drove sharp price gains from early October 2025 through late January 2026 (p. 1).
• The rally reversed in late January 2026 due to headwinds from the war in Iran and elevated energy prices, which fueled inflation concerns and repriced US monetary policy expectations (p. 1).
• Since late March 2026, precious metals prices have generally moved sideways to lower (p. 1).

Gold Market Outlook and Projections

• Gold is forecast to reach fresh all-time highs in 2027, averaging $5,330 per ounce, representing a 16% year-on-year increase (p. 3).
• Near-term headwinds include above-target US inflation and potential Federal Reserve tightening, though economic growth risks are expected to prevent a full-blown rate-hike cycle (p. 3).
• Long-term support is driven by growing concerns over US debt sustainability, large government deficits, rising debt-servicing costs, and continued net buying by central banks (p. 3).

Silver Market Outlook and Physical Demand Dynamics

• Silver is expected to strengthen over the next 12 to 18 months, tracking gold higher initially before increasingly outperforming as investor interest returns (p. 3).
• Physical market conditions have eased compared to the prior year, characterized by weak Western bar and coin demand, lower Indian imports, and industrial thrifting and substitution in photovoltaics (p. 3).
• Future gains are expected to be driven primarily by renewed investor interest rather than physical market tightness (p. 3).

Platinum Group Metals (PGMs) Performance and Forecasts

• Platinum: Experienced high volatility in 2026, reaching a record high of $2,923 in January before retreating; it is forecast to average $1,930 in 2026 (up 51% y/y) and $2,060 in 2027 (up 7% y/y) amid a fifth consecutive market deficit (p. 5).
• Palladium: Forecast to average $1,440 in 2026, supported by Russian anti-dumping investigation uncertainty and US mine strike risks, but is expected to decline 7% y/y to average $1,330 in 2027 as automotive demand falls due to battery electric vehicle (BEV) adoption (p. 5).
• Minor PGMs:
  • Iridium is forecast to rise 9% y/y to $8,100 in 2027 as mine supply fails to meet rising demand, reducing above-ground stocks from 42 to 37 months of cover (p. 5).
  • Ruthenium is expected to remain stable, averaging $1,570 in 2027 compared to $1,580 in 2026 (p. 5).
  • Rhodium is projected to decline 17% y/y to $7,500 in 2027 due to rising supply and a structural decline in automotive consumption (p. 5).