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Results of 2020 and prospects for 2021

Gold rose in price from the beginning of the outgoing year until August, when a record high was reached beyond the psychological mark of $ 2,000 per troy ounce, after which prices moved to a correction and fell through November. After hitting lows at the end of June, the precious metal rallied in December, ending the year at highs in early November. Given the all-time highs and a partial rebound after the fall drawdown, 2020 was a good year for gold. First of all, the rise in the price of the metal is associated with the pandemic, the weakening of the dollar and the soft monetary policy of the central banks. Now the question is what will be the next year for the gold market, and what benchmarks will be the main ones. In a broader context, the prospects for gold and global markets in general will depend on how the pandemic develops. Effective and widespread use of vaccines may lead to expectations of a faster economic recovery, which is negative for protective gold. However, the question is whether investors’ expectations will not be overestimated if the epidemic subsides and finally ends. its readiness to provide additional support to the global economy if necessary, while hopes for a gradual departure from the stage of the coronavirus epidemic suggest a slowdown in gold growth. On the other hand, the process of global economic recovery will be difficult and most likely protracted, and new risks and shocks may appear on the horizon. Accordingly, investors are unlikely to actively flee from gold to high-yielding assets in the longer term ._____________________ Mikhail Dorofeev, Chairman of the Board, KPC Obnovlenie

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