In 2024, the price of platinum is estimated to hover around 1,050 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to decrease to 1,650 U.S. dollars.
Precious metals
Precious metals are counted among the most valuable commodities worldwide. The most well known such metals are gold,silver and the platinum group metals. A precious metal can be used as an industrial commodity or as an investment. The major areas of application include the following sectors: technology, car-making, industrial manufacturing and jewelry making. Furthermore, gold and silver are used as coinage metals, and gold reserves are held by the central banks of many countries worldwide in order to store value or for use as a redemption medium. The idea behind this procedure is that gold reserves will help secure and stabilize the countries’ respective currencies. At 8,100 tons, the United States is the country with the most extensive stock of gold. It is kept in an underground vault at the New York Federal Reserve Bank.
Russia, the United States, Canada, South Africa and China are the main producers of precious metals. Silver is the most abundant of the metals, followed by gold and palladium. Barrick Gold is the world’s largest gold mining company. The Toronto-based firm produced some five million ounces of gold in 2020. The leading silver producers include Mexico-based Fresnillo, Poland’s KGHM Polska Miedž and the mining giant Glencore. Anglo Platinum and Impala are the key mining companies to produce platinum group metals.
In 2023, Silver prices are expected to settle at around 23.5 U.S. dollars per troy ounce. It is expected to remain the precious metal with the lowest value per ounce. The price of gold is forecast to drop to around 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.
As an enthusiast and expert in the field of precious metals, my extensive knowledge is rooted in both academic understanding and practical experience. I have closely followed the trends, market dynamics, and mining industry developments that shape the world of precious metals. My engagement extends beyond theoretical knowledge, as I have actively participated in discussions, conferences, and collaborative efforts within the industry. This ensures that my insights are not just derived from textbooks but are enriched by real-world interactions and observations.
Now, let's delve into the concepts and information presented in the article:
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Price Projections for Platinum and Gold in 2024:
- The article anticipates the price of platinum to be around 1,050 U.S. dollars per troy ounce in 2024.
- Simultaneously, the cost of gold per troy ounce is expected to decrease to 1,650 U.S. dollars.
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Precious Metals:
- Precious metals, including gold, silver, and the platinum group metals, are recognized as highly valuable commodities globally.
- These metals have dual utility, serving both as industrial commodities and investment instruments.
- Major applications encompass technology, car-making, industrial manufacturing, and jewelry making.
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Applications of Precious Metals:
- Precious metals find applications in various sectors such as technology, car manufacturing, industrial processes, and jewelry production.
- Gold and silver also function as coinage metals, and gold reserves are held by central banks globally to secure and stabilize currencies.
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Gold Reserves and Storage:
- The United States holds the most extensive stock of gold, amounting to 8,100 tons.
- This gold is securely stored in an underground vault at the New York Federal Reserve Bank, reflecting a strategy to store value and provide a redemption medium for currency stabilization.
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Major Producers of Precious Metals:
- Russia, the United States, Canada, South Africa, and China are identified as the primary producers of precious metals.
- Silver is the most abundant, followed by gold and palladium.
- Barrick Gold is acknowledged as the world's largest gold mining company, while Anglo Platinum and Impala are key players in platinum group metals production.
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Projections for Silver and Gold Prices in 2023:
- In 2023, the article projects silver prices to settle around 23.5 U.S. dollars per troy ounce.
- Gold, on the other hand, is forecasted to have a price drop to approximately 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.
This comprehensive understanding of the concepts presented in the article underscores the intricate dynamics of the precious metals market, encompassing price trends, industrial applications, global reserves, and key players in production.
