Banyan Gold Corp. (TSXV: BYN, OTCQB: BYAGF)
The New Yukon Gold Rush
While the price of gold hit record highs in the final month of the year, far exceeding the forecast that many investors had made for the precious metal’s price at the beginning of the year, there are some institutions and analysts who are uniquely positioned to accurately predict a strong 2023 for gold.
On Wednesday (10 January local time), the London Bullion Market Association (LBMA) published a list of institutions and analysts that accurately predicted the price of precious metals in 2023. Among them, Bruce Ikemizu, chief director and precious metals expert at the Japan Bullion Market Association, was the most accurate in predicting the price of gold, with the $1,950 average gold price prediction just $10 shy of the precious metal’s actual average price of $1,940.54 per ounce last year. In second place was Metals Daily Ltd CEO Ross Norman, who predicted a price of $1,959.
In the silver market, Joni Teves, precious metals analyst at UBS, predicted a silver price of $23.30 per ounce, just four cents below the actual annual price for 2023. In second place was Kieran Tompkins, commodities economist at Capital Economics, with a forecast of $23.60 for silver. He was followed by Robin Bhar, founder of Robin Bhar Metals Consulting, and Jonathan Butler, a precious metals analyst at Mitsubishi Corporation, both of whom predicted a price of $23.
Among platinum group metals, Macquarie Group Managing Director Marcus Garvey’s forecast of $988 is the closest to the platinum price in 2023.The LBMA noted that Garvey is the most bearish of all analysts. The actual average platinum price for 2023 is $964.98 per ounce.
Analysts have actually been more bullish on palladium than platinum over the past year, with an average forecast price of up to $1,241. However, the actual price of palladium has declined significantly from analysts’ as well as the market’s expectations. The actual average price for 2023 is $964.51, which is only $4 higher than the actual average price for 2022.
Edward Gardner, a commodity economist at Capital Economics, predicted a price of $1,000 per ounce, and Jacob Smith at Metals Focus predicted a price of $1,020 per ounce.
