Gold and Silver Demand Surges as Investors Flee Dollar Weakness
Precious metals are experiencing unprecedented inflows as macroeconomic uncertainty drives capital toward traditional SAFE havens. Gold ETF holdings reached a record 2,905 tonnes in August 2025, marking a 310-tonne year-to-date increase, while silver ETF inventories grew for seven consecutive months to 25,044 tonnes.
The Kobeissi Letter reports silver lease rates remain elevated at 2%—far above historical norms—as physical demand outpaces supply. This rally reflects deepening skepticism toward fiat currencies, particularly the US dollar, which continues testing multi-year lows.