Majors

Precious Metals Prices: Here’s What’s Happening Beyond Gold

MajorsOct 18, 2021

Precious Metals Prices: Here’s What’s Happening Beyond Gold

National Jeweler looks at how prices of platinum, palladium, and silver have performed in 2021.

20211018_Pianegonda-Silver-bracelet.jpg
Pianegonda’s unisex sterling silver bracelet with mesh details from the “Tecum” collection ($569)
New York—The metals market has had a wild ride over the past year and a half. 

Economic concerns combined with supply deficits due to COVID-19 affected production, which meant the price of precious metals were mostly up through the end of year and even into 2021.

But with a new year came new issues that have brought mixed results.

Here’s what’s been going on in the precious metals market beyond gold, which National Jeweler dove into in August.

Platinum
One of the biggest factors affecting the price of platinum-group metals—platinum, palladium, and rhodium—is the continued global semiconductor chip shortage.

As demand for the chips has far outpaced supply, there’s been a slowdown in automobile manufacturing, hurting the metals, which are used in catalytic converters.

Platinum’s price has been on a downswing in recent months, Kitco charts show, averaging $1,008.29 in August, followed by $975.18 in September and an average of $988.67 so far in October.

This contrasts with a strong performance last year when the metal was boosted by supply shortages and hopes for economic recovery.

It crossed the $1,000 mark in December to hit a four-year high and ended the year with a monthly average of $1,025.89. It continued the rise to peak at $1,214.00 per ounce in May.

Platinum has suffered less than its sister metals this year though, in part because demand continues to come from investors, Bloomberg reports.

Demand also continues to come from the jewelry sector.

Platinum jewelry continues to do well in most markets, especially when it comes to branded collections, according to the Platinum Guild International’s Q2 2021 Platinum Jewellery Business Review. 

The report shows strong consumer spending supported by vaccinations and economic recovery brought “remarkable growth” in U.S. platinum sales to fuel a positive sentiment in the trade in the second quarter.

Platinum jewelry sales from PGI partners in the region doubled, while ounce sales jumped by 48 percent compared with the same quarter last year, driven by “considerable” growth in gemstone fashion jewelry and bridal jewelry, PGI said.

Additionally, more retailers have created dedicated platinum programs, leveraging the metal to capture high-spending consumers and benefit from higher ticket prices.

Palladium and Rhodium

The same issues bringing platinum down also are affecting palladium and rhodium.

The chip shortage and automobile production slowdown have hurt palladium, which is mostly used in catalytic converters for gasoline-powered vehicles to help control emissions.

Palladium’s price has dropped below the $2,000 mark for the first time since mid-2020.

After dropping more than $400 per ounce at the onset of the pandemic, the metal rose steadily again throughout 2020 to finish December with an average of $2,345.05.

According to Kitco, it reached a high of $3,000 per ounce at one point this May, as supplies rallied back from last year’s mine and refinery closures.

But brought down again by the chip issues, it has averaged $2,537.90 per ounce in August, $2,112.18 in September, and $1,990.70 per ounce so far in October.

Experts are predicting it will continue its slide, possibly hitting in the $1,500-$1,600 price before making a sharp rebound thanks to an imbalance between supply and demand. 
 
Rhodium, the most expensive precious metal, has been hit hardest, with its price reeling as the chip shortage carries on. Demand for the metal, after all, comes almost entirely from the automobile industry, according to multiple sources. 

 Related stories will be right here … 

Its price has had arguably the biggest swings since the start of the pandemic, at which time it went from an average price of $10,205 per ounce in February 2020 to $7,568 per ounce in March 2020.

It finished the year with a December average of $13,991 and continued an upswing for several months, peaking at $25,981 per ounce in April 2021.

It was then it started its downswing, averaging $17,302 in August, $13,282 in September, and $12,850 so far in October, according to Kitco.

Silver
The silver price often moves in tandem with gold’s, and its path this year has followed a similar trajectory.

After dipping at the start of the pandemic last spring, it rose again steadily until it reached a peak in September of $28.89, according to Kitco charts.

It then dropped again and leveled out for the remainder of 2020, finishing the year with a December average of $24.89 per ounce.

It swung between about $29 and $24 during the first half of 2021—briefly passing $30—but since mid-June has been on a steady decline downward.

So far in October, the white metal has averaged $22.64 per ounce.

The outlook on silver jewelry remains bullish.

According to a survey conducted on behalf of the Silver Promotion Service, 42 percent of retailers said they saw an increase in silver jewelry sales in 2020.

The survey also indicated 89 percent of retailers are optimistic those sales will continue to grow, and according to the Silver Institute, global silver jewelry demand is forecast to rebound to 174 million ounces this year, a 17 percent increase over last year’s 148.6 million ounces though still below pre-COVID levels.

One silver expert recently told Kitco he thinks $30 per ounce could happen within the first half of 2022, leading to a jump to $50 per ounce soon after.

James Anderson, CEO and chairman of Guanajuato Silver Company, meanwhile, told the metals news site he thinks the price of silver could surge to $40 an ounce by mid-2022.

“If we have a weak economy coupled with a drive towards needing and using more silver, you’re going to have base metal mines shutting down that produce silver as by-product, just as an enormous demand for silver comes to the fore,” he is quoted as saying.

Looking ahead, there are numerous factors in play that will continue to affect metals prices.

The chip shortage isn’t expected to end any time soon.

On the other hand, concerns about energy supplies during winter and the U.S. government opening major West Coast ports for 24 hours a day to relieve supply chain issues could bring inflationary price pressures and, along with them, a bullish outlook for the metals market, Kitco argues

The Latest

The Edit – A Gallery of Italian Jewelry Masterpieces Graphic
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYC

The new showcase dedicated to Italian jewelry design is set for Oct. 29-30.

Judi Powers Jewelry Stella Earrings
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ Earrings

Take a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.

Charles London, Mayer and Fran Udell, Mark and Candy Udell
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100

In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (2) (1).jpg
Brought to you by
Protect Your Customers and Your Business

You deserve to know what you are selling–to protect your customers as well as your business and your reputation.

Jeffrey Zimmer Reeds Jewelers
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer

Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.

Weekly QuizOct 16, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Sothebys salon new bond street
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry Service

The new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.

Foundrae United in Love Campaign Imagery
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ Collection

The brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Kathy Corey
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy Corey

Corey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.

Colorado jeweler Peter Damian Arguello
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado Jeweler

Charles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.

Douriean Fletcher Messenger Collection
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MAD

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.

Logo for Timepieces at Luxury
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next Year

Timepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.

Max Fawcett Claibourne Poindexter
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department Leadership

The auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.

Schwanke-Kasten Jewelers, Tom Dixon
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom Dixon

As chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.

Katty Villapando Lyte and Mica Rencher of Shimmer LLC
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant

Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.

Cooper Flagg family at Day’s Jewelers
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper Flagg

The parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.

Pragnell Kitulo Garnet collection
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry

The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.

Astrid & Miyu 2025 12-Day, 24-Day, Solid Gold Advent Calendars
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent Calendars

The trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.

Front of Marla Aaron porcelain Nymphenburg Lock
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’

Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.

Feriel Zerouki, De Beers Chief Trade and Industry Officer
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers

The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.

Fabergé Imperial Winter Egg
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction

“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.

Kessler watch battery recycling program
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High

The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.

Katkim Men’s Collection Shadow Pendant Necklace and Anerise Signet Band
CollectionsOct 09, 2025
Katkim Launches First Men’s Collection

The line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.

Gemfields Rough Rubies
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11M

The rough on offer was recovered from a newer area at the Montepuez mine.

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Emily P. Wheeler Ombré Collection Campaign
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ Collection

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

MRK x MFA Tsuba Charm Necklace Collection Campaign
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New Charms

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy