500% Increase in SILVER Demand! How Many Ounces Of Gold & Silver Are You HOLDING? - Andy Schectman
500% Increase in SILVER Demand! How Many Ounces Of Gold & Silver Are You HOLDING? - Andy Schectman
Gold prices, aided by China's stimulus measures, looked poised to clock their second consecutive weekly gain on Friday on renewed hopes for US interest rate cuts. Silver broke the 30-dollar barrier to hit an 11-year high. Spot silver jumped 4.8% to 31.02 dollars per ounce after breaking above a major resistance level of 30 dollars. While silver briefly hit this level in early 2021, sustaining it for an extended period has been elusive for over a decade.
The renowned president and owner of Miles Franklin, Andy Schectman, notes that the arbitrage in silver is particularly pronounced, with a substantial price spread between Western and Eastern markets. While the spread is smaller in gold, it is still notable. From a technical perspective, Schectman states that the usual economic drivers for gold and silver prices must be held up due to the strong demand for non-dollar-denominated liquidity, especially from countries like India and China. He views this shift as a fundamental change in market dynamics, such as Gibson's Paradox, which is becoming less relevant in the current environment. Beijing is also diving harder into purchasing gold to diversify from the dollar. Now, the metal makes up 4.9% of Chinese reserves, the highest since at least 2015, Bloomberg said. It's a trend followed by other central banks, who have also been snapping up bullion at record speeds.
However, Schectman predicts that exchanges in Dubai, Shanghai, and Moscow may soon trade silver at 50 dollars an ounce and gold at 3,000 dollars an ounce, attracting traders and potentially depleting Western supplies. The two metals move largely in tandem as both offer similar macro- and currency-hedging properties. With gold hitting a record on central-bank buying, retail interest in China, and a resurgence in bets that lower US interest rates are on the way, silver's gone along for the ride.
Regarding the growing competition for precious metals between industrial users and investors, Schectman highlights that countries like China are scrambling for metals. He notes that this intense demand is creating lucrative arbitrage opportunities.
During the interview, Andy Schectman mentioned the ongoing shift away from the US dollar by non-Western countries trading in local currencies and accumulating gold and oil reserves. He foresees hyper-stagflation characterized by higher prices, increased taxes, and minimal economic growth. By some measures, the greenback has lost some of its dominance. Global central banks' dollar holdings fell some 20% from 2002 to 2022, while US sanctions on Russia have prompted China and others to reduce their reliance on the dollar in trade.
Despite the general public's lack of awareness about these significant shifts, Schectman emphasizes that the impact of rising silver and gold prices and the trend of de-dollarization will eventually become apparent.
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