Who’s Buying This Much Gold and Silver?

Andy Schectman of Miles Franklin highlights a significant and unusual surge in large-scale gold and silver deliveries through COMEX occurring consistently month after month. These elevated delivery volumes raise important questions about the identity and intent of the buyers, suggesting a potential reshaping of ownership dynamics in the precious metals market. Concurrently, silver’s recent reclassification as a critical mineral has intensified discussions around national stockpiling, linking industrial policy objectives with bullion market flows. Schectman implies these seemingly separate trends may be interconnected, pointing to a strategic accumulation possibly driven by governments or large institutional actors. For traders, these developments could signal tightening physical markets and reduced available metal in the open market, likely exerting upward pressure on prices for both gold and silver. Near-term catalysts include further government announcements on stockpiling policies and ongoing COMEX delivery data releases. Market participants should monitor these signals as potential markers of sustained demand and altered supply dynamics.