Prices and Charts
Weekly Price Overview – 23 April 2025
It was a volatile week for precious metals as USD gold pulled back from recent highs, while silver held steady. NZD gold and silver were both pressured by a rising Kiwi dollar, but dips remain shallow and support levels are holding.
USD gold eased from its all-time high but still gained 2.4% to $3,343. NZD gold rose 1.1% to $5,606 — but fell back $120 overnight.
USD silver edged up 10 cents to $32.59, while NZD silver slipped 0.9% to $54.22. Meanwhile, the NZ dollar climbed 73 basis points to 0.5963, breaking above its 200-day moving average — a sign the Kiwi could be shifting to a longer-term uptrend.
In short:
- 🟡 Gold remains strong globally — and while NZD gains have paused, local dips still look like solid entry points.
- ⚪ Silver pulled back slightly in NZD but remains in an uptrend with strong support. The gold/silver ratio above 100 makes it an attractive value play.
- 🇳🇿 The NZ dollar is gaining ground, which could dampen local precious metal prices — but hasn’t reversed the long-term trend.
Gold, silver and NZD/USD charts are below..
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
📉 When the ‘Safe’ Asset Stops Feeling Safe…
It’s been a turbulent couple of weeks for US Treasuries (a.k.a. US Govt Bonds). From foreign selloffs to megabanks appearing to have had their fill. The cracks are starting to show in what’s long been considered the world’s “risk-free” asset.
Meanwhile, gold continues to rise — quietly, but powerfully — as investors and central banks rethink their hedges.
In this week’s feature article:
- Why US bonds are under pressure
- The chart showing 60/40 stock/bond portfolios may be in for another lost decade
- What China’s gold buying tells us about global sentiment
- What this shift means for KiwiSaver and managed fund investors
Who is Driving the Gold Price Higher?
Ross Norman of Metals Daily:
“This gold rally has not, to date, been driven by retail investors buying coins and bars, high net clients clamouring for physical, nor institutions buying the gold ETF, not even speculative flows to any great extent This has been an incredibly low participation rally. A stealth run even.”
🔗 Source: Ross Norman – Metals Daily
Mike Maloney backs this up with charts showing falling bar and coin sales from both the US Mint and Perth Mint — despite rising gold and silver prices.
🔗 Source: Mike Maloney Youtube
📉 So what we stated back in February still holds true:
🔗 The Two-Tiered Gold Market: Why Central Banks Are Hoarding Gold While Retail Investors Sell Theirs
Recently, we’ve seen less selling from retail investors — but still not a lot of new buying. It seems “big fish” are quietly driving the market higher… while smaller investors wait on the sidelines.
Norman continues:
Much of the important price action occurs during Asian hours. It appears likely that the primary buyers are sovereign nations or central banks, discreetly acquiring significant amounts of gold — likely in lieu of dollar-denominated assets.
Evidence is thin… anecdotal even. But the price action, its cadence, and peripheral data all seem to support this view.
Evidence from Asia: A Closer Look at China
According to the 🔗 World Gold Council, March and April have been standout months for gold in China:
- Gold benchmark prices in Shanghai and globally rose 8.4% and 9.9% in March — some of the strongest Q1 gains in decades
- Shanghai Gold Exchange withdrawals rebounded after February’s slowdown, boosting domestic price premiums
- Chinese gold ETFs drew in over US$770 million in March, adding 7.7 tonnes to holdings — and April inflows alone surpassed all of Q1, pushing YTD flows above 55 tonnes
- The People’s Bank of China added gold for the fifth straight month, with March’s 2.8 tonne purchase bringing Q1’s total to 12.8 tonnes
Jesse Colombo: Chinese Futures Traders Fueling the Rally?
In a recent post, analyst 🔗 Jesse Colombo, argues that Chinese futures traders — not just central banks — are driving the current rally. He highlights:
- A surge in volume on the Shanghai Futures Exchange (SHFE)
- A widening premium between domestic Chinese gold and international spot
- And signs gold is entering a parabolic, vertical-phase bull market
Even Bloomberg has taken notice, publishing: 🔗 “Gold-Trading Frenzy Erupts in China as Tensions With US Escalate”
So while retail coin and bar buyers in the West remain quiet, it’s increasingly clear that sovereign-scale buyers and Asian market participants are the quiet force — and perhaps the spark — behind this latest leg up in gold.
Exponential Gold – Try Silver Instead
As Columbo says, gold may be entering an exponential phase — where gains accelerate quickly. In just the first few months of 2025, gold has nearly matched its 2024 performance… in half the time.
These phases don’t last forever — but they can move fast. Columbo thinks it might only just be the start.
But there may be an even bigger story unfolding.
For decades, gold’s role as a 🔗 barometer of risk was suppressed — replaced by faith in central banks, bonds, and financial engineering. But as cracks emerge in the U.S. Treasury market and the dollar’s global dominance fades, gold is reclaiming its traditional role as a signal of financial stress.
In other words: gold is no longer being ignored.
But if gold feels out of reach, consider silver. With the gold/silver ratio still above 100, silver remains historically undervalued — and often plays catch-up quickly.
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- or Shop Online with indicative pricing
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Note:
- Prices are excluding delivery
- 1 Troy ounce = 31.1 grams
- 1 Kg = 32.15 Troy ounces
- Request special pricing for larger orders such as monster box of Canadian maple silver coins
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The Legal stuff – Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions. |
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