UBS On-Air: Market Moves Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 48)
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Oct 22, 2025 Market strategist Burkhard Varnholt dives into the dynamics of gold and silver in this engaging conversation. He highlights three key demand sources driving the gold rally: jewelry, ETF investments, and central bank strategies. Varnholt discusses the role of silver, focusing on its industrial demand and supply constraints. He also considers whether silver's price surge can withstand potential market innovations. To top it off, he recommends the captivating novel 'Gold' by Blaise Cendrars, a tale exploring greed during the California gold rush.
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Three Pillars Of Gold Demand
- Gold demand splits into physical jewelry, financial investors, and central bank buying as durable pillars.
- These distinct buyers together explain recent broad-based gold strength and strategic accumulation.
ETF Flows Fuel Investor Demand
- Financial investors favor gold ETFs for diversification against inflation and systemic risk.
- Rising global uncertainty has driven significant ETF inflows from Asia, the Gulf, and the U.S.
Central Banks And The Digital Yuan
- Central banks buy gold strategically to diversify reserves and reduce dollar dependence.
- China links its digital yuan to convertibility into gold, boosting monthly purchases and strategic demand.
