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4 Gold Stocks to Watch as Gold ETFs Return to Inflows in May Zacks.com 2 hrs ago
After three straight months of net outflows, gold exchange-traded funds (ETFs) witnessed net monthly inflows in May and were at the highest levels since September 2020. This improvement can be attributed to ongoing inflation concerns, a weaker dollar and lower real yields, which made investors return to gold-backed ETFs.
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Per the latest report by the World Gold Council, gold ETFs saw inflows of 61.3 tons or $3.4 billion in May. This was the highest since the September 2020 inflows of 68.1 tons or $4.6 billion. Globally, gold-backed ETF assets under management stood at 3,628 tons ($222 billion) falling 7% behind the October 2020 high of 3,908 tons.
Silver Price Forecast: Rebound Tests Downtrend from Yearly High - Levels for XAG/USD Advertisement
Silver Price Outlook:
Bond yields have steadied, stocks are climbing, and the US Dollar is down – has a window opened for silver prices to rally?
Silver prices appear to be attempting to climb out of the downtrend from the February and March highs, which could give a near-term technical reason to throw doubt on the viability of the double top.
Recent changes in sentiment suggest that silver prices have a bearish bias in the near-term.
Silver Prices Gain as Dollar Falls
Silver prices have had a rough go of things in recent weeks, in a steady downturn since hitting their 2021 high on the first trading day of February (and incidentally, the highest since 2013). In part, asset allocation churn provoked by a rise in long-end global bond yields have eroded the relative appeal of precious metals like silver, which has been hampered by the rebound in US real yields.