Gold SWOT: Bank of America is bullish on uranium, aluminum, nickel, silver and gold for 2022

Gold SWOT: Bank of America is bullish on uranium, aluminum, nickel, silver and gold for 2022

Strengths The best performing precious metal for the week was palladium, up 12.68%. Palladium soared to the highest in four months, writes Bloomberg, with traders looking to secure supplies amid growing tensions over Ukraine as Russia, the top metal producer, amassed troops near the border. The metal that is mostly used in catalytic converters rose as much 8.3% on Wednesday, extending this year’s rally to almost 25%. Looking at the over-the-counter market, Bloomberg notes that the metal has sunk into backwardation, which is a market structure in which spot prices are higher than those for forwards. This signals tightening availability.

Gold imports by India accelerated to the highest level in a decade last year as jewelry sales almost doubled, with the demand outlook remaining bright, according to the World Gold Council. Demand revived after two bleak years as Indians once again flocked to jewelry stores in 2021 as fears […]

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