Daily Gold Market Report

Gold turns to the upside in quiet summertime trading
‘Where did all the silver go?’

(USAGOLD – 6/27/2023) – Gold turned to the upside in quiet summertime trading this morning as the prospect of more aggressive rate policies overseas weighed on dollar sentiment. It is up $5 at $1930. Silver is up 11¢ at $22.97. Pointing to record declines in silver vaulted in both London and New York, Wisdom Tree asks: Where did all the silver go? Then answers: To “retail dominated markets.”

“Despite initial enthusiasm for the metal among both investor segments (institutions and retail investors) immediately after the Ukraine war,” says the Dublin-based investment firm, “investment became bifurcated as the year progressed. Investment in bar and coin (net physical investment ex-exchange-traded product (ETP)), which was mainly retail investment, rose to new highs of 332.9 million ounces (10,356t), a 22% rise over the year and the fifth consecutive year of gain. In sharp contrast, ETPs saw their largest net outflows since 2011, down 11% year-on-year. Silver ETP investing is still very much driven by the institutional community.”

Silver annual returns
bar chart showing silver's average annual return 2000-2022
Chart by USAGOLD [All rights reserved] • • • Data source: Macrotrends.net • • • Click to enlarge

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