Gold and Silver ETPs Surge as Investors Brace for a Critical Data Week

Gold Holds Steady as Markets Brace for Delayed U.S. Data

Gold prices opened the week near $4,080 per ounce, stabilizing after two days of declines triggered by shifting expectations for Federal Reserve policy. Traders are preparing for a heavy wave of delayed U.S. data releases—including Thursday’s September non-farm payrolls and Wednesday’s Fed minutes—which could significantly reshape views on a potential December rate cut. Markets now assign roughly a 44–46% probability of a 25 bp reduction, well below the levels seen earlier this month.
Despite recent volatility, gold remains up around 55% year-to-date, driven by persistent safe-haven demand, strong central-bank buying, and broad concern over fiscal risks and geopolitical tensions. The macro environment continues to provide a supportive backdrop, even as near-term momentum cools.

Silver Stabilizes After Sharp Swings Amid Strategic Reclassification

Silver began the week near $51 per ounce after a sharp two-day pullback that followed its explosive rally earlier in November. Though price volatility remains higher than gold’s, structural fundamentals continue to lean supportive. Industrial demand from renewable energy and semiconductor production is expected to strengthen, while the U.S. Department of Interior’s decision to add silver to the “critical minerals” list highlights its rising strategic importance.
This designation increases the likelihood of trade actions or supply-chain policies similar to those applied to copper earlier in the year, adding a new geopolitical layer to silver’s investment case.

Forecasts Point to Another Year of Elevated Precious Metals Prices

New projections released last week support the idea that gold and silver may be entering a multi-year phase of elevated pricing. Analysts expect gold to set new all-time highs in 2026, supported by safe-haven flows and continued accumulation by central banks. Silver is also expected to extend gains as structural supply shortages persist.
Even after easing from October’s record, silver remains positioned to end 2025 with another sizeable annual deficit. Investment inflows have played a major role as investors hedge against stagflation risks, geopolitical tensions, and questions around U.S. fiscal sustainability.

Silver Market Enters Fifth Consecutive Deficit

Data presented at the Silver Institute’s annual industry event confirm that 2025 is likely to mark the fifth straight structural deficit, estimated at about 95 million ounces. Demand across industrial and jewelry segments has softened, but flat mine supply and only marginal growth in recycling continue to constrain availability.

Silver is up roughly 67% year-to-date, significantly outperforming gold and equity benchmarks. Tightness in the physical market has been amplified by record lease rates, elevated delivery into CME vaults, and reduced liquidity in London.

ETP Investors Lean Back Into Precious Metals

Against this backdrop, last week’s ETP flows and performance show renewed investor interest across both metals. Silver-linked vehicles outperformed, but gold ETPs also attracted inflows as prices rebounded from weekly lows.
With the U.S. economic calendar now compressed, the next leg of price action will depend heavily on data releases due in the coming days, particularly the delayed payrolls report.

Gold ETPs

• Invesco Physical Gold (SGLD): +4.44% WTD | +42.88% YTD
• ZKB Gold (ZGLD): +4.49% WTD | +42.88% YTD
• Gold miners also surged, with IAUP up 6.20% WTD and GDX up 5.71% WTD, both more than doubling year-to-date.

Silver ETPs

Silver overwhelmingly outperformed gold last week:

• ZKB Silver (ZSIL): +7.65% WTD | +60.49% YTD
• iShares Physical Silver (ISLN): +6.29% WTD | +60.04% YTD
• WisdomTree Physical Silver (PHAG): +6.29% WTD | +59.63% YTD
• Invesco Physical Silver (SSLV): +9.99% WTD | +65.61% YTD
• Global X Silver Miners (SLVR): +5.53% WTD | +93.49% YTD

Category-level flows also surged, with silver ETPs attracting ~151 million USD last week and gold ETPs ~200 million USD, reinforcing that dips continue to be bought aggressively.

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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.