(Kitco News) - Electrification and AI will favor precious metals, said Peter Thomas, an independent consultant.
This week, Thomas recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.
Gold has broken several all-time highs this year, and silver is up about one-third year-to-date. Looking at the chart for gold prices, Thomas said the price patterns look great.
"If you're a technician, it doesn't get better than that," said Thomas.
The two noted later in the interview that industrial demand for both metals will be growing sharply due to electrification and AI. Watson and Thomas also discussed the World Gold Council's latest central bank survey.
On Tuesday, the council published the results of its annual Central Bank Gold Reserves survey. Of the 70 responses, 29% said they expect to increase their gold reserves in the next 12 months. The WGC said this was the highest level it has seen since it started the annual survey in 2018.
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