2019 marked the best performance for the precious metals in nearly a decade, with gold bullion closing the year at $1,517 per ounce (gaining 18.31 percent for the 12 months). Silver bullion ended the year at $17.85 (up 15.23 percent in 2019), while platinum climbed 21.56 percent in 2019, and palladium soared 54.24 percent. Gold mining equities showed notable strength, finishing 2019 up 43.49 percent.

After consolidating for the past four months, gold bullion broke out of its corrective range in the last few days of December due to a combination of factors, with U.S. dollar weakness being the most prominent. Yields remain rangebound at the lower-end despite the favorable resolution of the U.S.-China Phase One Trade Deal and renewed hope for a reflationary market. Equity markets overall continued their ramp up into year-end backed by the massive expansion in the U.S. Federal Reserve’s balance sheet.

Gold ended its short-term corrective phase in December by breaking abo