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The best performing precious metal for the week was gold, but still down 0.80%. Total known ETF holdings of gold bottomed out at 80 million troy ounces on May 13, 2024. Since then, investors have had a change in outlook regarding the precious metal, with ETF holdings of gold rising to 82 million troy ounces, a 2% increase. A 2% lift might seem trivial, but holdings have dropped 27% from their high set back in September 2020.
According to BMO, Petra Diamonds reported its fourth-quarter operating update with a miss on diamond production relative to their estimates. Annual production also came in slightly below the revised annual guidance. However, diamond sales, and therefore revenue, was in line as all the Tender results were already pre-released.
Gold is starting to find momentum, touching a new all-time high of $2,470 per ounce. So far, physical factors have driven the rally, but Morgan Stanley has argued financial flows will drive the next leg higher. This is starting to come through. According to Bank of America, while rising silver demand from solar PV manufacturers has contributed to the recent rally, operators are now looking to reduce silver loadings.
is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund , the World Precious Minerals Fund and the Gold Shares Fund .
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