Highlights from our latest issue:
Gold has broken out of its recent trading range amid softer US monetary conditions, but it isn’t clear whether gold can overcome the Wall of Worry.
While gold mine production remains robust, slowing recycling points to steady supply at about 5,154t (+0.2%YoY) this year.
The high gold price, Chinese VAT and Indian excise duty continued to weigh on jewellery demand in Q2.
Official Sector demand for gold rebounded strongly in Q2.
Over the past forty years, the Mint Ratio has averaged 69.9:1. While we are close to this level (69.3:1) scarcity of unallocated silver bullion points to downside risk.