Highlights from our latest issue:
Gold remains under pressure, with futures trading subdued and option skew pointing to weakness.
Gold is responding to tightening US monetary conditions, moving lock-step with US real long-term bond yields and the US dollar.
Silver is sliding alongside gold, but bullion vault holdings in London and New York point to limited bullion supply.
While platinum remains under pressure, the WPIC’s long-term forecast points to sustained supply deficits and falling above ground stocks.
Despite record mine production, gold mine supply has expanded only 0.4% YoY since 2018, with few new discoveries.