The recent weakness in Silver has done nothing to dissuade precious metal ‘hoarders’ from buying-the-dip. Silver ETF holdings rose 846 metric tons in March (so far) – the biggest jump since August 2013 – to the highest since April 2015.
And all of this buying has occurred as prices dropped to one-month lows, as it seems – like China and Russia – taking advantage of lower precious metal prices amid the collapse of central bank credibility around the world.
Continued fund buying shows longer-term investors haven’t been put off by recent price declines, said Ole Hansen, head of commodity strategy at Copenhagen-based Saxo Bank A/S.
However, we do note that commercial hedgers are the most-hedged in 10 years…
Charts: Bloomberg
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