Premiums for gold and silver bullion aren't dropping any time soon - LBMA
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(Kitco News) - Retail investors can expect to continue to pay high premiums for physical gold and silver bullion as the precious metals markets deal with global supply issues and unprecedented demand, according to speakers at the London Bullion Market Association Global Precious Metals Conference.
Unprecedented physical demand for gold and silver continued to dominate discussion at the LBMA's annual conference, with panelists expecting global uncertainty to dominate bullion purchases through 2023 and into the first half of 2024. At the same time, record flows from western nations to Asia are impacting the global supply chain that is still recovering from the global COVID-19 pandemic.
Mark Woolley, senior vice president at Brink's Global Services, said that in 2020 at the start of the pandemic, the precious metal sector saw massive imports into New York, with more than 2,550 tonnes of gold delivered between May and April of that year.
However, Woolley added that there is a new shift in the market with that metal now flowing back East. The panel noted that India, particularly, is seeing an insatiable, record appetite for silver.
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