Precious metals are looking positive after softer CPI data shifted the focus to Fed rate cuts and silver surged on what appears to be a return of ‘meme stock’ mania
Gold demand rose in April after Chinese ETFs recorded the strongest month on record, pushing the total assets under management to a historical high of $6.4 billion to reach five consecutive months of inflows.
Central banks have also steadily added to gold holdings, with the Peoples’ Bank of China very active in this regard until April. Last month, the PBoC recorded its slowest rise of gold purchases since it resumed announcements in November 2022, adding just 2 tons.rose at the end of the week but managed to fall just shy if testing the all-time high around $2431. The precious metal put in a strong showing for the week after getting off to a poor start.
Friday’s sharp rise validates the break above the multi-year trendline but has also closed above the August 2020 and February 2021 spike highs that has repelled higher prices since.The daily silver chart rose above $28.40 and $29.80 with consummate ease, laying the ground for a renewed bullish move. The one issue heading into the coming week is if it can maintain the bullish momentum despite venturing into overbought territory.
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