Platinum to outperform other precious metals – ABN Amro

FXStreet Team FXStreet

Precious metal prices rose strongly in 2020 and strategists at ABN Amro also expect higher prices in 2021. Silver is set to modestly outperform gold again while the stars are aligned for platinum.

Key quotes

“The stars are aligned for gold prices but some cracks are appearing. We still expect prices to rise in 2021 on lower US real yields and a weaker dollar. The caveat is that long gold is still a crowded trade. For the same reasons we also expect silver prices to rise. We are positive on silver as long as silver prices are above the 200-day moving average (now at 21.8), and wait for price weakness to position for higher silver prices.”

“We think that platinum prices have the largest upside potential this year. First, a positive outlook for gold prices also supports the outlook for platinum. Moreover, some investors buy platinum as an investment alternative to gold if gold prices become expensive. Second, we expect an ongoing recovery in the industrial sector that will probably result in higher industrial demand for platinum. Third, we expect higher consumer demand for cars this year. Fourth, fuel cell technology for cars will continue to get more attention. Platinum is used in hydrogen cars and the content needed exceeds what is needed in regular diesel car converters. Last but not least, platinum is the cheapest precious metal. In short, we are positive on platinum as we expect demand to outpace supply.”

“We expect higher palladium prices in 2021 but the rise will probably be modest. There is still a supply shortage because of higher palladium demand for car converters to meet the more stringent emission standards in China and Europe in the future. We also expect higher industrial demand because of the ongoing recovery in the global industrial sector. The positive trend in gold and the other precious metals will probably spill-over to palladium as well. But it is unlikely that palladium will be used a lot in jewellery or as an investment vehicle. So palladium is mainly a cyclical play, but the market is very thin.”

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD stuck as the RBA talks tough into a slowdown

The Australian Dollar is going nowhere in a hurry, and the contradiction at its core explains why. The Reserve Bank of Australia keeps dangling the prospect of another hike, yet the economy it governs just expanded 0.3% in the first quarter, a clear step down from the prior pace. A central bank threatening to tighten into a visible slowdown is not a recipe for conviction in either direction, and the tape shows it.

USD/JPY: Japanese Yen coiled at the line, leaning on everyone but Japan

The Yen is doing very little, and that stasis is the whole story. USD/JPY sits glued near 160.00 not because Japan has found new strength, but because two outside forces are fighting to a draw over it: a US rate complex that keeps the dollar bid, and a Ministry of Finance that refuses to let the line break.

Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms

Gold price edges lower to near $4,470 during the early Asian session on Friday. The precious metal remains volatile amid ongoing geopolitical turmoil. Traders will closely monitor the developments surrounding the US-Iran peace deal and the US May employment report later on Friday.

DeFi hack losses drop 80% from 2022 peak as security defenses improve — Immunefi

Losses from decentralized finance exploits have fallen by 80% since reaching a record high in 2022, according to a report released by Immunefi. The report, which analyzed exploit-driven losses across major blockchain ecosystems between 2020 and 2025, found that DeFi protocol losses declined from $2.62 billion in 2022 to $534 million in 2024.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.