A bullion dealer’s organization is predicting that at year-end gold will close at $1,897, silver $28 and platinum $1,153, and perhaps go higher before dropping back.
The forecast was made by members of the Accredited Precious Metals Dealers program of the Professional Numismatists Guild (PNG). Founded in 1954, the PNG is a non-profit organization of dealers who adhere to a strict code of ethics in the buying and selling of bullion, rare coins and vintage paper money.
Their estimates for the year-end prices for gold, silver and platinum are the mean averages of price predictions made by 25 accredited dealers across the country who responded to an informal survey.
“We’re hearing from dealers that many longtime customers are taking advantage of the recently lower bullion prices to cost average their precious metals investments," said Richard Weaver, PNG president. "We’re also hearing about new buyers entering the marketplace because of the high demand for new designs of the 2021-dated United States Mint American Eagle gold and silver bullion coins,”
“Some of the dealers think gold will go over $2,000 but settle back by year’s end,” said Barry Stuppler, a former PNG president who conducted the survey.
“No one has a crystal ball to know exactly what the future will be," said Weaver. "The Accredited Precious Metals Dealers program members who responded to our survey based their forecasts on years of being on the front lines of the bullion markets.”
He advised investors to make price comparisons before making purchases and to beware of counterfeits offered online by unscrupulous sellers.
“Always be mindful of the premiums being charged over the intrinsic value of the precious metal coins or ingots," he cautioned. "You absolutely need to know your precious metals dealer."
There are 48 members of the Professional Numismatists Guild Accredited Precious Metals Dealers (PNG-APMD) and each underwent a background check before being admitted to the program. They now must adhere to a strict code of ethics in the buying and selling of bullion and numismatic items and guarantee the authenticity of the coins and bars they sell.