In this episode of the Commodity Exchange podcast, Nitesh Shah interviews Philip Newman, Managing Director and Founder at Metals Focus, about the factors influencing gold and silver prices. They discuss the record highs in gold prices in December 2023, driven by geopolitical issues and rate cut expectations. They also explore the trends in central bank gold demand, the retail market, and the behaviour of institutional investors. Additionally, they examine the gold to silver ratio and the silver market deficit, particularly in relation to the rising demand for photovoltaics.
(00:00) Introduction and disclaimer
(03:11) Gold hitting record highs in December 2023
(05:19) Geopolitical issues and gold price pressure
(09:40) Rate cut expectations and gold prices
(15:32) Central bank gold demand in 2023
(22:31) Trends in the retail market
(27:10) Institutional investor behaviour
(29:27) Impact of US elections on gold prices
(33:24) Gold to silver ratio and silver performance
(35:32) Silver market deficit
(40:24) Rising demand for photovoltaics and silver
(41:42) Conclusion
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