After last week’s turbulence, gold has found its footing again—buoyed by renewed safe-haven appetite and a clear return of investor demand. In this report, we recap the drivers behind gold’s rebound back above US$5,000/oz, the record-setting surge in gold ETF inflows, and what shifting rate expectations and geopolitical uncertainty could mean for both gold and silver in the weeks ahead.

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.