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Asian Metals Market Update for 2nd June 2026 The USA and China will buy every available surplus of every non-ferrous metal, precious metal, and rare earth. The bearish trend will be short-lived, followed by a bigger bullish trend. Chintan Karnani Tue, 06/02/2026 - 07:01

Gold SWOT: China’s GFEX Is Exploring Night Trading for Platinum and Palladium Contracts Ghana’s central bank said it plans to increase gold purchases from large-scale domestic producers to 30% of output from 20%, starting June 1. Frank Holmes Mon, 06/01/2026 - 09:40

Precious Metals Prices Perspectives To close, regular readers well-know that because we duly track inflation, we’ve suggested for a couple of years now that the Federal Reserve’s Open Market Committee really should raise their Bank’s Funds rate.  Yet finally, some in the trading world also are starting to realize same. Mark Mead Baillie Sun, 05/24/2026 - 04:20

#html-body [data-pb-style=P8H48K0]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Central Bank Gold Buying to Break Records Again in 2026 Gold and silver prices surged this week, with spot gold climbing $100 to close near $4,714 per ounce while silver continued its advance, underscoring intensifying investor demand for hard assets amid mounting geopolitical and monetary instability. The gold-to-silver ratio slipped to 58, a level analysts view as technically significant, suggesting silver may be entering another phase of outperformance relative to gold and broader financial markets. Despite the S&P 500 reaching fresh nominal highs above 7,400, valuation metrics remain historically stretched, with comparisons increasingly drawn to the 2000 dot-com bubble and prior speculative peaks. Measured in silver, the S&P 500 still trades at roughly 92 ounces of silver per index share, a level far above historical bear market bottoms, reinforcing the view that precious metals remain undervalued versus equities. Supply risks in the silver market intensified after China restricted sulfuric acid exports and disruptions tied to Middle East conflict threatened refining operations critical to global silver byproduct production. Additional strain emerged following an explosion at Glencore’s Kazzinc refining facility in Kazakhstan, a major supplier of 1,000-ounce silver bars that back holdings in the world’s largest silver ETF, SLV. Physical precious metals demand in China remained robust, with domestic silver prices hovering near $90 per ounce and Shanghai warehouse inventories continuing to absorb large volumes of industrial silver. Poland resumed aggressive gold reserve accumulation while China added more than 8 metric tons of gold in April 2026, extending Beijing’s official gold-buying streak to 18 consecutive months. The report argues that China and Russia appear to be strategically mirroring one another’s official gold reserve growth, with both nations now reportedly holding more than 2,300 metric tons of gold reserves. Central bank gold purchases are on pace to set another record in 2026, with estimated buying of 850 metric tons at roughly $5,000 gold translating into unprecedented fiat-dollar demand as nations increasingly diversify away from Western financial systems. Surging geopolitical tensions, tightening silver supplies, and aggressive gold accumulation by China and other nations are reshaping global precious metals markets as investors brace for deeper cracks in the financial system. Last week's market update on Gold and Silver The silver and gold markets were both up on the week. The spot silver price climbed to close at $80.34 oz bid. The spot gold price climbed $100, closing this week at $4,714 oz bid. The spot gold silver ratio coil is now threatening a possible breakdown lower, closing this week at 58. The nominal S&P 500 clipped 7400 this week and stock bubble bulls celebrated. On a Price to Earnings 10 year average only the prior 2000 internet stock bubble ever peaked higher. Generally after such stock market bubbles come and go, we witness stock bear markets than can endure for a decade or longer. I mentioned in the interview that the S&P 500 measured by silver is still historically high closing at about 92 oz of silver to afford one nominal share of the S&P 500 currently.  That level is still well higher than the peak seen in 1929 or the nifty 50s stock market bubble of the 1960s. The blue line of 59 is where we bottom ticked at the end of Jan 2026 when spot silver neared $120 oz but since this is a monthly chart normie onlookers would not notice is that we have already broken sub 60 oz and are merely consolidating gains before the next silver bullion outperformance vs US stocks to come. My longer term target of 20 oz buying the S&P 500 is merely in line with what investors lived through fro decades following 1929 and the late 1960s. Picture a more humble future world that actually has to produce shareholder value instead of fiat financialized hype, share buybacks, and accounting gimmicks. Similar story but less pronounced story measuring the current S&P 500 by Gold bullion, it ended the week at 1.57 oz of gold to afford the nominal record high S&P. Right around the same peak as 1929 and well above 1 to 1 parity which is often a brief stopping point before lowering much further down during typical commodity bull markets that follow stock market bubbles. A half ounce of gold bar being able to buy the S&P 500 is a pretty conservative longer term target into next decade. Of course what is happening with our nation's fiat currency and the world at large when that time comes, still highly questionable with so much debt and unfunded liabilities to come. This month's ban of Chinese sulfuric acid exports and the lack of supplies thanks to the Iran Wars halting trade is building a messy situation not merely with food fertilizers but also in the refining of silver related base metal refining for the like of copper and zinc worldwide. Silver supply mostly comes from a combination of copper and lead/zinc mining and sulfuric acid is a key component for many silver bi-product producing miners. Get ready to see lower outputs of silver supplies to come given the shortage or sulfuric acid supplies. Sad news this week with an explosion at Glencore's Kazzinc refining facility in Kazakhstan which led to the death of 2 people while injuring 5 others. Reports are the destruction was contained to one refining building. The Kazzinc 1,000 oz Silver Bar hallmark is by far the largest single 1,000 oz bar brand backing the world's largest unsecured silver ETF SLV with nearly 18% of the entire reporting underlying bars being from that zinc refiner. After this brief message we'll be back with a more precise and relatively accurate way to think of central bank gold buying ongoing and growing. We'll be right back.  The price for silver in China is still hovering near $90 oz, price premiums locally for platinum and palladium remain also elevated relative to Western World price benchmarks. The combined SHFE and SGE warehouses have been sucking silver into their warehouses now holding 45.5 million oz to end this week. Basically that's enough industrial silver to cover about 1.5 years of their nation's world lead car manufacturing production. It's still not all that much relatively speaking. The central bank of Poland is back buying gold reserve tonnage seemingly hellbent on growing towards its 700 ton target. China added just over 8 tons over 250,000 oz in last month April 2026, adding gold reserves for the 18th month in a row. Allow me to put their last 18 months of bullion buying into 21st Century context. I remain convinced that China and Russia have had an agreement to mimic one another official gold reserve holdings going all the way back to the 2008 GFC where China led with large one time additions in 2009 and 2015, then Russia ran with the gold reserve stacking baton the late 2010s, and now China in the 2020s has been slowly accumulating to match the both nations now having just over 2,300 metric tons of gold reserves respectively to date. Of course they both have other holdings off official balance sheet using SWF and internal bank holdings, it is that opacity require precious metal data hounds like myself to constantly keep on top of their import export and internal mining data to garner a truer idea of what their real gold holdings are likely to climb to in time. You have seen this 21st Century physical gold flow chart before, India and China dominate the world's gold demand at large. Well we now have similar physical silver flow data for this 21st Century that once again illustrates that both industrial powerhouse China and India are both silver market giants in the eastern world. These physical flows reflect for every 3 oz of silver heading east 1 oz of gold has also flown thus far in the 21st Century.  To close this week, I want to remind everyone when financial media show historically record high central bank gold reserve buying since the year 2022 to not merely consider the unprecedented amounts they are actively buying in overall weight terms. What is as important to consider how much buying is happening in fiat currency terms. If we simply assume an 850 ton estimate this year at $5000 oz gold, we see in fiat US dollar terms the collective central bank buying is growing year after year since the freeze of Russian assets and now with this Iran War and world trade flow breakup, who thinks this growing record high gold buying trend is going to reverse anytime soon? That will be all for this week's bullion market update.   Source: We Are Looking at a Future With Higher Silver Prices: Precious Metals Analyst https://youtu.be/D_OQEV2EaTM?si=Qk0Sj90KLnM392B0

#html-body [data-pb-style=T2RHN1K]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Central Banks Reserves Fuel Gold’s Rise and Silver’s Repricing Gains Momentum Gold and silver both edged lower last week, with gold closing around $4,614 and silver near $75, a modest pullback in what remains a broader uptrend. The gold-to-silver ratio is tightening around 61, signaling a market that’s coiling and potentially setting up for a bigger directional move. One of the biggest drivers right now: central banks. They’ve shifted decisively back to gold buying, reversing decades of dollar-heavy reserves. Since 2022, that buying spree has accelerated to record levels, fueled by geopolitical tensions and concerns over financial system stability. Major institutions are increasingly bullish—some projections point to $6,000 per 1 oz gold this year, while longer-term forecasts stretch toward $8,000 or higher. Physical demand remains strong globally, especially in China, where gold continues to outperform real estate and equities amid economic weakness. De-dollarization is no longer a fringe idea—it’s a clear trend, with emerging markets shifting reserves toward gold as a long-term store of value. Silver’s story is even tighter on the supply side, with ongoing deficits and growing investment demand, particularly from India’s rapidly expanding ETF market. Market veterans like Paul Tudor Jones emphasize that major price moves often stem from policy mistakes or systemic imbalances—conditions that appear increasingly present today. Bottom line: despite short-term consolidation, the big-picture trend for precious metals remains bullish, with both gold and silver positioned for potentially significant upside in the years ahead. Central bank buying is driving gold back toward 40% of global reserves while silver’s supply-demand imbalance builds. Discover what’s fueling the next move. The silver and gold markets were slightly down on the week. The spot silver price ended the week at $75.35 oz bid. The spot gold price closed the week at $4,614 oz bid. The spot gold silver ratio continues coiling, closing this week at 61. Gold's 200 day moving average continues climbing now closing in towards $4,260 oz. Return of Global Gold Reserves One of the most important structural shifts underway is the steady return of gold as a core global reserve asset. After decades of heavy U.S. dollar dominance, central banks are now reversing course, increasing their gold holdings at a rapid pace. The share of gold in global reserves is climbing back toward historical norms—levels that once ranged from roughly 40% to as high as 70% during prior monetary regimes. This shift is closely tied to de-dollarization, the global trend of reducing reliance on the U.S. dollar in trade, finance, and central bank reserves. For many nations, gold represents a strategic alternative—a neutral reserve asset that sits outside the control of any single government. Unlike dollar-based assets, gold is tangible and cannot be easily frozen or seized, a reality that has become increasingly relevant in recent years. The reversal began after the 2008 financial crisis, when central banks moved from net sellers to net buyers of gold. More recently, the 2022 freezing of Russian U.S. Treasury assets accelerated this trend, prompting countries like China, Russia, and India to aggressively expand gold reserves and diversify away from U.S. debt instruments. Central Banks Fuel Gold’s Rise Central banks are now the dominant force driving gold’s bull market. Their buying has reached record levels in recent years, underpinning prices even as gold trades near all-time highs around $4,600 per ounce. This demand is not speculative—it’s strategic. Governments are increasingly wary of holding reserves tied to any single nation’s currency or policy decisions. Gold offers independence, stability, and long-term purchasing power in an era of rising debt and geopolitical fragmentation. Institutional forecasts are reflecting this reality. Some projections suggest gold could approach $6,000 in the near term, with longer-term estimates reaching $8,000 per ounce or higher as global reserve allocations continue to shift. At the same time, physical demand remains strong. China continues importing large volumes of gold—on pace for over 1,000 tons annually—while domestic investors increasingly favor gold over struggling real estate and equity markets. Silver’s Repricing Gains Momentum While gold is the primary beneficiary of de-dollarization, silver is gaining traction as part of the broader move into hard assets. As confidence in fiat currencies erodes, investors are increasingly turning to both gold and silver as tangible stores of value. Wealth managers often recommend allocating 10–15% of portfolios to physical precious metals as a hedge against long-term dollar depreciation. Silver’s fundamentals add another layer to the story. The market has been running supply deficits for roughly six consecutive years, leaving it vulnerable to future liquidity squeezes. Even with recent ETF and COMEX outflows providing temporary relief, the underlying supply-demand imbalance remains intact. A major emerging driver is India, where silver investment demand is expanding rapidly. The country now holds billions in silver ETFs, with participation growing across hundreds of millions of trading accounts—adding a powerful new source of demand alongside traditional bullion buying. From a valuation perspective, silver may still be significantly underpriced. Long-term historical comparisons suggest it could require a multiple increase in price to reach a new equilibrium. Taken together, gold’s return to global reserves and silver’s tightening supply backdrop point to a continued bullish environment for precious metals—one increasingly shaped by de-dollarization and the global search for financial stability.   James Anderson's Market Update Notes:  The Return of Gold to 40% Global Reserves Macro analyst Luke Gromen put this week's lead story perhaps most succinctly. "If the world is breaking up into blocs again, then this chart is going back to where it traded the last time the world was broken into blocs. Gold is still one of the cheapest assets on the board - would need to rise 2-3x to mean revert." The chart he posted was from Deutsche Bank Research's free report entitled "The return of history: gold, the dollar, and the monetary future". A link to it is in the show notes, and we'll go through a few highlights to start this week's Bullion Market Update. The percentage share of gold in central bank reserves has been rapidly climbing this decade, trending back towards it pre-1990s range of 40% to upwards near 70% or more following WW2 and during last major gold bull market price peak in Jan 1980.  The fiat US dollarization that surged onto central bank balance sheets in the 1990s, is now reverting as de-dollarization and a move of especially emerging market central banks back to gold reserves as a more preferred long term savings anchor. Even mainstream media consuming normies are increasingly being shown this phenomenon on a more regular basis.  Still most normies are unaware the USA lost over half its Gold Reserves following WW2 during Bretton Woods era trade deficits for decades. Or that the Euro Area did similar gigantic gold reserve tonnage sales in the 1990s, and 2000s before the 2008 GFC killed their gold reserve sale quota plans. Following 2008, is when the world central banks began snapping out of their gold sales stupor and returned to being net Gold Reserve buyers. Following the Russia Ukraine War and Russian US Treasury asset freezure in early 2022, central bank gold buying went next level to record sizes in tonnage terms. We are now living in a world where the physical gold market is again more valuable than all marketable US Treasuries, echoing with the last time the Western world financial system got called to account by an exponentially rising gold price during the late 1970s.  Emerging market central banks have over $8 trillion in fiat FX reserves most of them are held by China, broader Asia, and Middle Eastern countries. The base case of the report suggest $8000 oz gold by early next decade even if emerging market central bank balance sheets shrink down to $5 trillion by that time. The more likely scenario IMHO is further mass fiat currency debasement given record debt piles the world over and five figure gold per oz would be my more likely suggestion. Even with record nominal gold prices, physical demand remains strong worldwide through Q1 2026. China is on pace to match her typical annual import tonnage figures over the last decade of well over another thousand tons of gold bullion imports, on top of her world leading gold mining internally. And even in the face of near nominal record highs hit in the first quarter this year 2026, gold in fiat yuan since 1970 in the top left quadrant, silver top right, platinum bottom left, palladium bottom right. The Chinese real estate bubble continues slowly collapsing in values now near where residential house prices were 20 years ago before the 2006. That market is tanking in other words. Their internal stock market is getting trounced in underperformance vs gold in yuan over the last few years.  Motivations for continued Chinese gold buying are led by typical reasonings in other markets. Geopolitical risks, outperformance of gold over other asset classes, de-dollarization trends, yuan depreciation concerns, and price dip buying culture that often culturally hold physical precious metals long term. Today being May Day an international workers holiday in most of the world akin to our US Labor day. The Chinese were out and about buying physical gold and silver bullion and high grade jewelry on their day off. On the other side of this break we will break down this current gold price consolidation analog vs past gold bullion bull market price corrections and consolidations. To try and consider the typical timing before more bullish price action resumes heavily higher.  As well, a big picture look at the still precarious silver supply position worldwide. Considering a famed billionaire trader's views on some of the factors that make for some of the biggest moves in wealth enhancement success for those looking to take advantage of market imbalances yet to fully rectify. One way to try and assess how much more time this price consolidation will last, Jordan Roy-Bryne's analog chart extrapolates past price corrections from 1973, 2006, and today to get a sense of where gold has historically gone during these corrective phases. The average gray line suggests gold will again be threatening new nominal record price highs later this year in the fall. Swiss bank UBS' CIO View on Gold calls for nearing $6000 oz gold later in this year. The general consensus remains bullish with a coming summer of patience and perhaps further positioning if you are not properly allocated as of yet. Turning to silver, over the past month most selloffs and 1000 oz bar pulls have come from the COMEX, weak handed $SLV and Indian ETF net sellers. According to precious metals industry analysts Metals Focus out of London, the world silver market is  still in a precarious spot with only some recent breathing room given some ETF and COMEX outflows the last few months. This silver market remains still susceptible to further future liquidity squeezes to come. And even though we have seen some silver ETF selloffs in India over the past few months, the trend remains that they are increasingly able to access a myriad of Indian Silver ETPs with no upwards of 200 million trading accounts and growing. Adding a new layer on ongoing silver demand in India which coincides with ongoing outright silver bullion buying nationwide growing into a hoard of Indian ETF silver now over 1/3rd the size of the entire COMEX underlying in less than a few short years this decade thus far. Just under $9 billion in silver ETFs in total in India in a national stock market worth presently just under $5 trillion currently. This is a setup for much larger inflows and demand to come in India and elsewhere around the world. This week famed billionaire hedge fund trader, Paul Tudor Jones, a commodity trader who cut his teeth during the late 1970s bullion and commodity bull markets. Dropped a more 1 hour interview that covered a bit on the experience, the recent historic selloff in precious metals a few months ago. I left the video's link and some silver related timestamp notes in this week's show notes. The following clips I think remain relevant to today's situation looking out some 5 years like Deutsche Bank Research did this week in the context of gold and its return to central bank balance sheets in size. So central banks are leading this gold bullion bull ongoing with record buying. And we still have a silver market fundamentally running supply demand deficits for some six years ongoing helped by the fact that silver's spot price has I argue by its divergent daily price data, been mispriced now for about a decade and half running. To find a new 5th market balance since 1970, silver has to still climb by a factor of about five in price using today's up to data. This bullion bull market mania will likely get out of hand to the upside, as most other have in the past so blowing higher than the blue line would simply be modern silver price history rhyming. Big picture and bottom line, I'm staying heavy long bullion in this trend still unfolding. That will be all for this week's bullion market update.     Sources: Deutsche Bank Research Institute: The return of history: gold, the dollar, and the monetary future PDF - https://www.dbresearch.com/PROD/IE-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000625515&rwnode=REPORT Lessons From a Life in the Markets | Paul Tudor Jones Interview  https://www.youtube.com/watch?v=S31J5ACsOqU ^ at 15:06 PTJ on starting his trading career in COMEX $SI $Silver futures late 1970s ^ at 32:30 - 33:40 his point on market imbalances pertinent to the modern day world silver market  ^ at 47:41 talking about Gold Silver's recent record 1-day drawdowns late Jan 2026, importance of having game plans (short, medium, long term) Chinese Investors Are Buying the Gold Price Dip While North America Sells — Here's Why It Matters https://youtu.be/PPlQJRdeVLg?si=8D8N56YComz0m7Wu

#html-body [data-pb-style=GRSSN3S]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Silver Establishment Warns of Another Coming Silver Squeeze Gold and silver prices moved higher last week, driven largely by geopolitical headlines around a temporary ceasefire in the Middle East, which boosted overall market sentiment. Spot silver closed the week at $80.79 per ounce, while spot gold finished at $4,830 per ounce, with the gold-to-silver ratio tightening further to 59, signaling relative strength in silver. Markets reacted positively after Iran stated the Strait of Hormuz would remain open during the ceasefire, sending crude oil prices down more than 10%, though shipping data suggests actual traffic remains limited. Lower energy prices are reinforcing expectations that the Federal Reserve may pause or cut interest rates, a scenario that typically weakens the U.S. dollar and supports demand for non-yielding assets like gold and silver. Former Treasury Secretary Hank Paulson warned of a potential “vicious” U.S. bond market crisis, citing concerns over weakening demand for Treasuries amid the country’s growing debt burden. The U.S. debt situation remains a central risk, with nearly $10 trillion needing refinancing this year at significantly higher interest rates than in past crises, increasing pressure on the financial system. The Treasury has already stepped in with large-scale debt purchases—around $30 billion in April alone—highlighting growing strain in maintaining bond market stability. On the supply side, the Silver Institute’s latest report confirms ongoing global silver deficits, with demand continuing to outpace supply and contributing to tightening market conditions. Analysts and mainstream financial media are increasingly warning of a potential new silver squeeze, noting shrinking inventories, elevated premiums in Asia, and structurally thinner liquidity in the market. Structural differences between gold and silver markets remain key: unlike gold, silver lacks central bank support, making it more vulnerable to volatility but also more prone to sharp upside moves if supply shortages intensify. Bullion prices climb on Middle East ceasefire optimism, mounting U.S. debt concerns spark bond market warnings, and tightening silver supply fuels growing expectations of another silver squeeze. Last Week's Gold and Silver Market Update The silver and gold markets where up on the week's peace-talk headlines. The spot silver price ended the week at $80.79 oz bid. The spot gold price closed the week at $4830 oz bid. The spot gold silver ratio fell again to close this week at 59. Silver and gold rallied on the week with silver returning to trading above $80 oz for the first time in about a month. Financial markets rallied this week on Iran's announcing the Strait of Hormuz is "completely open" to commercial shipping vessels for the duration of a 10-day Lebanon ceasefire. Crude oil dropped more than 10% on the news. Optimistic headlines aside, shipping vessel traffic data to end this week show little to no ships have actually passed through the Strait. Lower energy costs suggest it being more likely the fiat Fed will hold interest rates steady or start cutting rates, which means the the fiat US dollar will weaken, and non-yielding assets like silver and gold bullion become more attractive to investors. Former US Treasury Secretary during the 2008 Financial Crisis was out this week trial balloon conditioning investors for coming US debt market dysfunctions. Suggesting the fiat financial powers that be begin preparing for a "vicious' bond market crash. The US Treasury again bout $15 billion of our debt today, tying the largest tranche of our own debt ever purchased in open market operations. They also bought another $15 billion in our own US debt to start this month April 2026. About 1/4 of outstanding US debt has to be refinanced this year yet this time, interest rates are 3.75% as compared to 0% after the 2008 GFC and Covid 2020 era. Close to $10 trillion of our now near $40 trillion hard US debt pile needs to be rolled over and obviously the US Treasury is already having to  step in to make the bond market function. You can expect in coming 'vicious' US bond bear market to continue seeing further calls to begin overhauling Social Security, Medicare, Medicaid, and other unfunded liability programs which add on another near $100 trillion in future obligations for the nation on top of the near $40 trillion debt pile. One of the most important differentiators between this ongoing bullion bull market versus the 1980 version is the sheer amount of un-payable debt and promise pile loads coming due in the years and decades looking ahead. This is partly why being aggressively allocated in bullion makes perhaps more sense than ever prior in our lifetimes. Silver market industry body the Silver Institute published their annual World Silver Survey this past week projecting further supply deficits for this year 2026. Seemingly every mainstream financial media published articles explicitly citing silver supplies remain in short supply vs ongoing industrial and investment demand. A few even went so far as explicitly stating in their article headlines, that yet another supply and silver price squeeze risk remains to the upside in the coming future. We're going to take a closer look at that report after this brief message.  Silver premiums in Shanghai have stayed elevated near $90 oz to close this week's trading. Inventories on the SHFE and SGE continue climbing with a now combined 30.9 million oz. To put that amount in perspective, 31 million oz is enough to cover one and half years of internal industrial silver used for their country's ongoing automobile demand. Lease rates in London for the three white precious metals (silver, platinum, and palladium) had been falling but with the recent strength in the silver spot price we saw an increase in one month London silver lease rates to close this week. Suggesting the recent downward trend might be turning. Even mainstream financial media this week were again warning about a key differentiator when comparing the silver market versus gold, with silver there are no central bank backstops, only weak handed unsecured ETFs which in selloffs can temporarily increase silver industrial bar supplies for the short term. Asian financial media citing this week that the next liquidity storm for silver will likely be born by empty vaults. The two largest wildcards of further silver ETF demand inflows and coming Indian silver demand the second half this year. The Silver Institute's annual report stated point blank, "The (Silver) market has clearly entered an era of reduced stocks. Tightness will not be constant, but liquidity will generally be thinner, lease rates more volatile & price moves likely to be larger than investors have grown used to. With deficits set to remain in place, however, it is unlikely that we will see a return to the previous status quo any time soon." When you add in net Silver ETF demand since 2019 and ongoing silver demand outstripping annual supplies the deficit number balloons to near 1.4 billion oz.  And there is low to no sign of this trend stopping anytime soon, rather what we are now seeing is even the silver establishment admit another coming silver squeeze seems all but inevitable. That will be all for this week's bullion market update.   Sources: Former Treasury Secretary Henry Paulson comments on bond market on Bloomberg https://www.youtube.com/watch?v=mQY_h48GbQM