Gold & Silver ETF Holdings Increase

Precious metals holdings in ETFs have increased in 2020. Gold ETFs currently hold 104.2 million ounces of gold, an increase of 25.7% from year end 2019 (upper panel black line). Silver ETFs currently hold 806.8 million ounces, 33.0% higher than year end (lower panel black line).

However, the price of gold increased 18.7% year-to-date while silver is up just 4.4%. Industrial demand is a much higher percentage for silver than it is for gold, partially explaining the difference in performance.

As highlighted in previous posts, the gold/silver ratio hit highs this year.