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Mark Woolley, senior vice president at Brink's Global Services, said that in 2020 at the start of the pandemic, the precious metal sector saw massive imports into New York, with more than 2,550 tonnes of gold delivered between May and April of that year. After two years of market disruptions, China is once again asserting its dominance in the gold market with record imports in the last few months. Woolley said that shipments into China this year should exceed inflows seen in 2018.
Kashyap noted that solid silver demand in India has pushed premiums up 25 cents compared to London market prices. Historically that premium is around five cents. "The number of ounces we move in silver is six times what we moved three years ago, in a normal week, normal month, normal year," he said. As to what is driving retail demand for gold and silver, Hanlon said that investors are looking for safe-haven assets as global uncertainty remains high.
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