Silver surged 405% from trough to peak versus gold's 170%, and its one-month gain of 16% still beats gold's 10% rebound. Half of silver's annual demand comes from industrial uses like solar panels and AI infrastructure, while a physical supply shortage stretches into its sixth year. The VanEck Gold Miners ETF hauled in $419 million this month, including a record single-day inflow of $25 million, signaling renewed precious metals conviction.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. Precious metals have spent the past two and a half years reminding investors why they still belong in a portfolio. Gold broke past $2,060 an ounce in December 2023, then found another gear entirely in March 2024, vaulting through decades-old resistance levels on its way to a record-shattering rally.
Rate-cut anticipation, aggressive central bank buying led by China, and spring banking-sector stress all pushed capital toward the metal at the same time. That combination doesn't come around often. Gold ultimately peaked near $5,590 an ounce in late January -- a gain of roughly 170% from where the move began.
It has since pulled back to about $4,385. That's still a massive advance from the starting line, but a sharp retreat from the top. Now gold is climbing again, up roughly 10% over the past month.
The question for investors is whether silver is the better way to play renewed interest in precious metals. The recent bounce isn't just a price chart curiosity -- it's showing up directly in fund flows. The VanEck Gold Miners ETF (NYSEARCA:GDX) attracted $9 million in retail inflows on Wednesday, its sixth positive inflow day in the last seven trading sessions.
That followed $17 million on Monday and $25 million on Friday, the largest single-day inflow the ETF has posted in at least a year. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences. They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media.
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