CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsAug 03, 2016
Precious Metal Analysts Up Price Predictions for 2016
Thomson Reuters recently revised its fourth quarter and full year forecast for gold and silver upward. Here’s why.
The price of gold started climbing after the June 23 Brexit vote and has remained above $1,300 since, spurring Thomson Reuters to revise its forecast upward for the year. (Photo credit: United Precious Metals)
New York--Thomson Reuters recently revised its fourth quarter forecast for gold and silver upward following the unexpected outcome of the Brexit vote in the United Kingdom.
Erica Rannestad, a senior analyst for Thomson Reuters GFMS who is based in Chicago, said initially, analysts expected gold prices to drop in the third quarter.
In a forecast released in April, Thomson Reuters had gold averaging $1,200 in the third quarter and $1,250 in the fourth quarter.
However, Rannestad said the market did not anticipate that the U.K. would vote in favor of Brexit and, thereby, did not factor into their forecasts the volatility spurred by a “leave” vote.
All year, people have been buying gold as a “safe haven” asset due to the global economic situation, which has been pushing up the price. The Brexit vote just added to the desire for a safe haven investment, she said.
Kitco data shows that after remaining in the $1,200 to $1,300 range for much of the year, the gold price jumped from $1,262 on June 23, the day of the Brexit vote, to $1,315 the following day.
Though it’s been up and down, the price of gold has remained above $1,300 since then, averaging $1,337 an ounce in the month of July, up from $1,276 in June, according to Kitco.
Thomson Reuters has revised its forecast for the third quarter upward to an average of $1,310 and for the fourth quarter to $1,365, with more volatility expected around the highly emotional U.S. presidential election.
For the year, Thomson Reuters now expects gold to average $1,279 an ounce, up from its earlier forecast of $1,212.
Dave Siminski, of United Precious Metals, is even more bullish on gold for the year. He said he expects the metal to finish the year averaging about $1,375 an ounce.
So, which outcome--a Hillary Clinton victory or a Donald Trump victory--will have a greater impact on gold prices?
Rannestad could not say, as there are arguments for both candidates spurring volatility. “It depends on the level of uncertainty the market sees in the outcome,” she said. “I’m not really sure how the market really perceives the two candidates in terms of who would be bad or good (for gold prices).”
Silver, as is typical, has shadowed gold throughout the year and that is expected to continue.
The metal’s price has risen steadily throughout 2016, starting out the year around $15 an ounce and increasing to more than $20.
Thomson Reuters
now expects silver to average $19.20 in the fourth quarter, up from its earlier forecast of $16.80, and finish the year at $17.24, up from $15.91.
Siminski puts silver at $19.74 for the year.
Thomson Reuters’ forecast for platinum remains unchanged from April.
The metal’s predicted to average $1,060 in the fourth quarter and $1,005.06 for the year. It will remain below gold for the foreseeable future.
Demand for platinum in the auto market is steady but not outstanding. Jewelry has been impacted by the slowdown in demand in China, the world’s largest consumer of platinum jewelry. Despite this, mining companies are not cutting back on production as much as they need to, creating an oversupply in the market.
“It’s just this bad supply/demand situation for platinum,” Rannestad said.
The Thomson Reuters forecast for palladium also remains unchanged. The other white metal is expected to average $594.89 an ounce in 2016.
Siminski, again, is slightly more bullish in his forecast. He sees platinum averaging $1,055 for the year and puts palladium at about $695.
The Latest
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
