Gold started 2021 with investors expecting a very positive year mainly due to the huge packages of fiscal and monetary support. Of course, rushed by the excellent 2020. Nevertheless, gold made at the beginning of 2021 the worst performance in the last 30 years.

In 2021 no strong need for safe havens is expected and as the economy is in the first phase of recovery after the 2020 crash, investors seem to prefer liquidation of their profits and positionings in industrial metals, which are expected to keep on having better returns in the coming months.

Rising interest rates are not a good sign for gold and this completes the "perfect storm" for the precious metal.