Overview
- Spot gold traded above $4,600 per ounce and silver topped $90, driving the gold–silver ratio near 50, a level rarely seen since 2011.
- An Invesco survey of 50 central banks found about half plan to increase gold reserves, with several reporting fresh purchases and more institutions moving bullion back to domestic vaults.
- The dollar came under pressure after the Justice Department opened an investigation into Fed Chair Jerome Powell and the president publicly urged rate cuts, developments that coverage linked to renewed bullion buying.
- Silver’s surge reflects tight supply and robust industrial demand in photovoltaics, EVs and electronics, with the Silver Institute estimating a roughly 25,000-ton 2024 deficit and warning of constrained mine output.
- The haven narrative is contested, as Goldman Sachs flags gold’s volatility and uneven inflation protection and Howard Marks questions its role, while advisors recommend disciplined, staged buying with defined portfolio weights.