Silver Rises Over 120% YTD 
Gold’s impressive performance continues with a 12% gain year-to-date, pushing prices near $3,000 per troy ounce following last year’s 25.3% surge that edged past the S&P 500’s total return.
According to JP Morgan, central banks have emerged as the key players in the gold market, increasing their purchases by 11.5% each year since 2019 and now making up nearly a quarter of total demand.
The report explains that central banks keep buying gold regardless of high prices because they’re focused on protecting against geopolitical risks and diversifying their reserves, especially after Russia’s assets were frozen in 2022. This behavior differs from private investors, who must consider that gold pays no interest in today’s high-rate environment.
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