Great examination of the PM narratives! One i missed was Indian retail buying especially silver, protecting from the declining Rupee or stock market, do you have an opinion on that? Chinese retail surely already started buying in the last years. Would wonder how the numbers compare between the two.
This is definitely a theme but I couldn't see any support for it being any larger than it has been.
The only material I found was surrounding indian retail demand for gold specifically for jewellery which had declined materially, with people opting for 9k over 18k due to the outright price. It may have actually worked in the other direction!
Great examination of the PM narratives! One i missed was Indian retail buying especially silver, protecting from the declining Rupee or stock market, do you have an opinion on that? Chinese retail surely already started buying in the last years. Would wonder how the numbers compare between the two.
This is definitely a theme but I couldn't see any support for it being any larger than it has been.
The only material I found was surrounding indian retail demand for gold specifically for jewellery which had declined materially, with people opting for 9k over 18k due to the outright price. It may have actually worked in the other direction!