BMO – Precious Metals Monitor: The Rotation Continues, Jan 2023

The main theme of the report concerns the dynamics of precious metal prices in the context of recent geopolitical events, such as the US seizure of Venezuelan President Maduro.

Key findings include: Despite geopolitical risks, gold has shown relatively weak performance compared to other precious metals such as silver, platinum, and palladium. Investments in precious metals continue to grow, especially in silver and platinum, leading to significant price fluctuations. Gold ETF flows remain positive, particularly from European investors, while North American flows have turned negative.