Despite speculative traders reducing their net long positions by 55% since September to a 14-month low, gold has surged nearly 28% this year, already surpassing many analyst’s 2025 expectations.
Two key trends are emerging: gold makes its biggest gains during non-US trading hours while struggling during US pit hours, and while Western ETFs have seen a 1 million ounce decline recently, Chinese ETFs have already surpassed their 2024 inflow totals.
Meanwhile, silver struggles to match gold’s performance, with the gold-to-silver ratio remaining above 100, as silver faces headwinds from its industrial exposure and a slowdown in Chinese solar production.
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