Market backdrop
Real-yield narratives dominated headlines. Spot prices reflected that debate, yet regional premiums and logistics still shaped what clients actually paid for deliverable metal.
Collector and investment demand diverged: larger bars for multi-year allocation, smaller units and coins for flexible entry.
Flows and custody
Insured logistics remained a differentiator. Clients prioritising discretion continued to favour established vault partners over ad-hoc storage.
- Allocation buyers favoured LBMA-linked formats with clear assay trails
- Premiums stayed sensitive to regional shipping capacity
- Documentation quality separated durable holdings from opportunistic ones
What we are watching
Custody capacity, refining lead times and the tone of discretionary collecting. Rate paths matter — but so does the quality of entry documentation.
