Indian recycling company CMR Green Technologies surged nearly 40% on its market debut, making it one of the strongest IPO performances of the year. The company operates 13 recycling facilities across India and specializes in secondary metal production. Strong investor demand highlights growing confidence in the recycling and circular-economy sector.

Gold prices have eased and ETF inflows slowed as investors rotated back into technology stocks despite geopolitical uncertainty.

May 28, 2026 Silber-Anleger erleben derzeit ein zähes Ringen: Kurzfristig fehlt dem Markt unterhalb der Marke von 75 US-Dollar jSilver investors are currently facing a tough struggle: In the short term, the market lacks the necessary momentum below the $75-per-ounce mark. Yet explosive momentum is building in the background. While Bank of America (BofA) believes another jump to the three-digit $100 mark is possible before the end of the year, the analyst team also warns against premature optimism. Such a price surge is unlikely to signal a lasting trend reversal. Rather, according to the analysts, the silver market is facing a profound fundamental shift in which the industrial base is increasingly crumbling. The balancing act between precious metal fantasy and industrial reality Bank of America’s latest precious metals analysis paints a picture of a divided market. In the short term, silver has the potential to break through the $100-per-ounce mark in the wake of a sustained gold rally. However, this speculative high is unlikely to last: Analysts are already forecasting a return of the price to a level of around $75 as early as the second quarter of 2027. Currently, the gold-silver ratio of 59.43 points reflects this indecision. It remains in the middle of its months-long consolidation range—an indicator of a market that is sensitively oscillating between short-term speculation and a fundamental revaluation. Although the silver market is heading toward its sixth consecutive year of deficit, the sustainability of this supply shortage is under massive threat in the medium term. Solar Industry in Austerity Mode: The Key Demand Pillar Wavers The strongest headwind for the silver price is emerging, of all places, in its former flagship segment—photovoltaics. Faced with historically high silver prices, solar module manufacturers are responding with drastic efficiency measures. Under sustained margin pressure, they are systematically reducing the silver content in the cells or switching to cheaper substitute metals. According to BofA analysts, silver demand from the solar sector already reached its historic peak last year. This trend is exacerbated by stagnating solar production in China and the prospect of declining new installations in the current year. Since demand growth in other industrial sectors is too weak to close the gap left by the solar industry, the silver market faces a fundamental easing of supply-demand dynamics: as early as 2026, the deficit could shrink by a massive 90%. Should industrial demand continue to weaken, even moderate sales by financial investors would be enough to push the market into a physical surplus. Investors as the Deciding Factor In this changed environment, silver is likely to be perceived and traded more as a classic precious metal rather than an industrial metal in the future. Investor demand thus becomes the decisive price factor. This carries risks, as precious metals have recently suffered from the restrictive interest rate policy and expectations of further rate hikes by the U.S. Federal Reserve. Rising yields increase the opportunity costs for non-interest-bearing investments and weigh equally on both gold and silver. Nevertheless, silver remains a strategic element of the global energy transition. An abrupt slump in solar demand is not expected. Demand is further fueled by geopolitical conflicts such as the war in Iran, which continues to drive the global push for green energy and alternatives to fossil fuels. Geopolitics and Trade Barriers as Price Drivers Just how volatile the physical market can be was already evident at the start of the year, when the silver price briefly shot up to $120 per ounce amid fierce competition for physical metal. A major source of uncertainty remains the upcoming renegotiation of the North American Free Trade Agreement between the U.S., Canada, and Mexico. Since Mexico and Canada are the main suppliers to the U.S. market, significant trade risks loom. Concerns about potential tariffs have already prompted banks and market participants to massively increase their holdings within the U.S. This domestic hoarding is draining important liquidity from the global market. According to BofA, this physical withdrawal is the main reason silver has recently managed to climb back above the $80 mark—even though physically backed ETFs are continuously recording outflows and the latest CFTC data signal rather subdued interest in new net long positions in the futures markets. Conclusion: In the short term, silver retains the potential for a breakout toward the $100 mark. However, the foundation for this rise is becoming more fragile. Investors betting on silver should keep an eye on the weakening industrial data, which could set tight time limits on the rally. Source： https://goldinvest.de/en/silver-why-the-usd100-mark-is-both-within-reach-and-dangerous

May 19, 2026 key takeaways. Gold’s recent price consolidation does not, in our view, undermine the medium-term case for higher prices Structural support remains intact, with resilient central bank and private investor demand, reflecting broad fiscal uncertainty and currency concerns The key risks to watch would be a shift to more restrictive central bank policies that pushes real yields higher for longer, or a deterioration in passive fund flows We stay constructive on gold, maintain our overweight allocation in portfolios, and keep our 12-month price target at USD 5,400/oz. Gold has been one of the defining financial assets of the last 12 months. Yet after a strong performance, especially in the second half of 2025, prices have stalled. Momentum has cooled, and the metal has at times lagged what investors might have expected from a haven asset during a period of geopolitical stress. Gold has been one of the defining financial assets of the last 12 months. Yet after a strong performance, especially in the second half of 2025, prices have stalled. Momentum has cooled, and the metal has at times lagged what investors might have expected from a haven asset during a period of geopolitical stress. Gold prices more than doubled in the year to January 2026, reaching a record USD 5,595 per ounce before declining in the wake of the Middle East conflict to a trough of USD 4,099/oz in mid-March, most recently reaching USD 4,560/oz. In contrast to comparable periods of geopolitical tension – such as the Iranian Revolution in 1979, the first and second Gulf Wars, or Russia’s invasion of Ukraine – gold has seen a larger drawdown with much higher levels of volatility. It has fallen by over 10% since the conflict began. We believe this reflects market concerns over inflation and crowded investor positioning at the start of 2026. As a non-yielding asset, gold performs best when real yields decline and the US dollar depreciates. However, an energy supply shock can have the opposite effect, resulting in markets pricing higher central bank rate expectations, higher yields and a firmer US dollar. It is therefore unsurprising that gold has shown a strong negative relationship with rising energy prices. If the Middle East conflict de-escalates and energy prices fall, in line with our base scenario, gold could recover, supported by some normalising of previously high investor positioning. Gold prices more than doubled in the year to January 2026, reaching a record USD 5,595 per ounce… Still, the Middle East conflict is not the only variable for prices. The medium-term outlook is also determined by whether demand and the broader geopolitical and fundamental macroeconomic environment have changed. Here, we do not see a shift and therefore remain constructive on gold, maintaining our 12-month price target of USD 5,400/oz, and our overweight allocation in portfolios. To understand gold’s recent loss of momentum, it helps to separate structural from short-term drivers. At the structural level, demand from both central banks and private investors remains resilient. This explains how short-term headwinds – including a stronger dollar and higher bond yields – can create temporary weakness without undermining longer-run demand. In other words, slowing momentum should not be mistaken for a structural reversal. Structural incentives to hold gold The most compelling structural case for gold lies in incentives for investors, private and public, to hold a real asset. Yet unlike most currencies, where supply can expand due to monetary and fiscal easing, gold supply has been stable through history: industry estimates suggest some 220,000 tonnes of gold have been mined throughout history, with new mine output adding just over 1% to above-ground stocks each year . Moreover, unlike currencies, gold is not subject to financial sanctions. US sanctions on Russia accelerated central banks’ desire to hold reserve assets such as gold that are insulated from such threats while preserving value. As more countries gradually diversify away from use of the US dollar and settle trade in other currencies, demand for neutral reserve assets such as gold rises. At the structural level, demand from both central banks and private investors remains resilient At the same time, lower confidence in some currencies has supported private investor demand, especially as gold helps portfolio diversification. Persistent fiscal uncertainty and still-high inflation reinforce this trend. When investors question the long-term path of public debt, the capacity to finance deficits, or policy credibility, demand for diversified assets increases. In this environment, gold can provide a hedge against risks that are hard to manage – including inflation surprises, poor management of government finances that ends up constraining monetary policy, or declining confidence in institutions. The price of gold, for example, has recently correlated with fears around the Federal Reserve’s independence. Persistent demand trends contribute to price appreciation Over the past decade, there has been a strong link between total gold volumes bought by both private investors and central banks, and real gold prices. Approximately 400 metric tonnes of quarterly demand is consistent with price stability, with every additional 100 tonnes associated with roughly a three-percentage-point rise in quarterly prices. Since 2023, demand has averaged about 620 tonnes a quarter, well above the 450-tonne average between 2010 and 2022. Despite concerns about weaker demand this year, World Gold Council data shows total demand of 790 tonnes over the first quarter of 2026, of which central banks purchased a net 244 tonnes, a 3% increase year on year. Private demand was roughly in line with 2025’s average. Lower ETF flows were offset by higher demand for physical gold, with China accounting for 40% of the total. Central banks can create a higher ‘floor’ From 1980 to 2005, central banks reduced their gold reserves, and that trend accelerated after the Cold War with globalisation, and US security guarantees for allies. However, recent years have re-set international relations, and central banks have rapidly increased their gold purchases . The rationale is straightforward: reserve managers’ gold purchases reflect concerns about US financial sanctions, broader geopolitical uncertainty, and unpredictable trade policies. The share of gold in overall reserves held by emerging market central banks is still less than their developed market peers While demand has been strongest in emerging countries, a structurally higher baseline of purchases by central banks across many countries can reduce the depth and duration of any price falls, particularly if private investor flows become volatile. Importantly, the share of gold in overall reserves held by emerging market central banks is still less than their developed market peers, suggesting more room for buying. As a result, such demand is likely to remain. Recently, some emerging market countries, such as Turkey, have sold or swapped gold reserves to manage currency depreciation pressures exacerbated by the conflict in the Middle East. We see such moves as exceptions to the broader trend of purchases in countries with free-floating exchange rates. Real yields and monetary credibility The outlook for interest rates and their impact on private investor flows will be another key factor for gold prices. Gold is sensitive to real yields: when they fall, the opportunity cost of holding gold declines, supporting prices. This link has re-asserted itself in recent months. In principle, a more restrictive Federal Reserve monetary policy could weigh on gold prices if it resulted in persistently higher real yields. However, we see this risk as limited. The Fed is likely to keep policy rates on hold for much of 2026, with any rate cut more likely towards the end of the year. Rate moves matter for investor flows into the gold market. Physically-backed ETFs, which allow investors to gain exposure to gold without owning the metal, tend to be sensitive to rate expectations. Even after strong inflows, total ETF holdings are not back to their historical highs. Broadly stable flows would support demand. We therefore remain constructive on gold, maintaining our overweight allocation and our 12‑month price target of USD 5,400/oz The structural case remains intact We do not expect the recent gold price consolidation to alter its medium-term trajectory. Cooling investor sentiment does not undermine the structural case for gold, but instead shifts focus back to slower-moving drivers including central bank demand, portfolio allocation and fiscal uncertainty. Three factors support this view. First, demand remains resilient despite volatility. Second, the macro context still favours real assets amid fiscal uncertainty and the gradual erosion of purchasing power. Third, recent headwinds look short term rather than structural – including higher yields and a stronger US dollar, which we see as temporary. Risks remain. Negative factors to watch would be higher-for-longer real yields, a prolonged decline in ETF demand, or lower physical demand, for example for jewellery, even if that were partly offset by central bank buying. We therefore remain constructive on gold, maintaining our overweight allocation and our 12-month price target of USD 5,400/oz. Our structural case for the precious metal rests on resilient demand, fiscal uncertainty and the gradual erosion of US dollar purchasing power. Source： https://www.lombardodier.com/insights/2026/may/gold-s-slowdown.html

19/05/2026 Michael Widmer, Managing Director and Head of Metals Research at Bank of America (BofA), expects gold to face short-term pressure due to declining market expectations for US interest rate cuts. However, Widmer said in an interview with Asharq that the bank maintains a bullish outlook on the precious metal, reiterating its forecast for gold to reach $6,000 per ounce within 12 months. The current pressure on gold is linked to markets repricing inflation risks and the US interest rate path, amid rising energy prices driven by the war in the Middle East, he explained. He added that gold is expected to continue climbing despite these pressures, supported by central banks’ purchases, renewed investor demand, and weakening economic growth indicators. Source： https://www.argaam.com/en/article/articledetail/id/1907225?amp

2026/05/06 16:04 A commentary from the Asia-Pacific Investment Director’s Office of the bank pointed out that gold prices have declined for two consecutive weeks, mainly due to rising energy prices, a stronger US dollar, and higher real yields. However, institutional and retail investor demand for gold remains strong, indicating that there is still upside potential for gold prices. Data from the World Gold Council shows that demand for gold bars and coins surged by 42%, reaching a record high for individual physical gold purchases in a single quarter, mainly driven by the Asian market. Central bank gold purchases have also remained at high levels, with annual purchases expected to reach 900 to 1,000 tonnes. UBS Wealth Management believes that ongoing demand from central banks and Middle Eastern sovereign wealth funds will continue to support gold prices. In addition, factors such as political uncertainty, concerns over fiscal deficits, and a possible weakening US dollar at the end of the year make gold an attractive tool for value storage. Source: https://www.bitget.com/news/detail/12560605399400