Gold set ‘to steal the show in 2022’ – Bloomberg Intelligence – by Anna Golubova (Kitco News – November 2, 2021)

(Kitco News) After building support at the $1,700 an ounce level this year, gold could be the metal to follow in 2022, according to Bloomberg Intelligence.

“Next year will begin almost 24 months removed from the start of the pandemic, and we see the 2021 bounce in industrial metals vs. the decline in precious at greater risk of reversing,” said Bloomberg Intelligence senior commodity analyst Mike McGlone.

The top performers of 2021 will not be the best choices for 2022 as the economy continues to normalize.

“Aluminum and copper at the top of our 2021 scorecard makes sense, but 2022 is more likely to follow a continued transition toward normal. The cure for higher prices should add pressure to the industrial metals vs. gold,” McGlone wrote in his November metals outlook report.

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