First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/01/03/new-hope-for-gold-and-silver-investors-new-year-002435

Silver and gold prices way underperformed investor expectations in 2021. Perhaps most frustrating of all, the fundamentals were there, driving unprecedented retail demand for physical bullion. Inflation fears crept into markets. The Fed maintained ultra-accommodative monetary policy including zero interest rates and massive debt monetization. 2021 was also a nasty year for confidence in major institutions.