Precious metal prices expected to be lower in 2021 Precious metal prices have stabilized recently as the improving prospects for the global economy has reduced demand for safe-haven assets. Some precious metal prices surged early in the pandemic as uncertainty overshadowed the global economy. Prices are projected to be lower in 2021 as the global economy recovers, according to the October 2020 edition of the World Bank’s Commodity Markets Outlook. Precious metals prices have fallen recently, but remain higher than end-2019 Global uncertainty improved in 2020 Q3 Both silver and platinum prices are supported by robust industrial demand. More than half of silver’s demand comes from industrial applications, such as in electrical and electronics, while a quarter of platinum’s supplies are used by the automotive industry (each catalytic converter uses 0.10 to 0.25 troy ounces of platinum, equivalent to $100-230 per vehicle at current prices).