The first part of our 2020 Outlook covered the Big Picture Backdrop for Precious Metals. This second part focuses on the fundamental and technical setup for gold and silver markets.

Precious metals markets enter the New Year with some impressive upside momentum. Are gold and silver poised to deliver big gains in 2020?

Before answering that question, let’s review the year-end closing prices and yearly gains the metals recorded in 2019:

• Gold: $1,519 (+18.9%)
• Silver: $17.91 (+15.3%)
• Platinum: $970 (+22.1%)
• Palladium: $1,954 (+59.5%)

Gold and silver each notched their best annual gains since 2010. Meanwhile. platinum emerged from its most deeply depressed levels since 2004 to make a run for a new bull market. And palladium posted record high after record high.

All in all, it was a constructive year for metals bulls – though it could have been better. Gold and silver finished strong but below their high points from early September (when gold traded just above $1,560 an ounce and silver hit $19.75).

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