ML-Implode News - Why big investors think it's time to hoard gold

"I think the key element more than any one geopolitical issue, even as much as the Fed holding off a spate of rate rises, is some economies moving into negative rates. That has been very good for gold. When you look at when the gold rally began it is very close to the issue of bonds with a negative yield," said Steel. "If you look at all the economies that have a negative yield, they add up to a little over 27 percent of the world's GDP. ... Negative yields are a powerful cocktail for gold. They eliminate the opportunity cost of owning gold."
Steel said the move into the metal has been steady, not an excited gold rush spiking prices. "Basically, the rally has been entirely investment led," he said. That is opposed to a rally driven by physical demand, with buyers in the biggest markets -- India and China -- now less active.

Well, they're getting better. Back when the rallies in gold and silver over the past half-decade tended to be physical-led, the mainstream media would lend no credence to that fact whatever -- it was always "but there's no major investment demand!" (ignoring completely the role of central banks in buying, of course). Now that there's investment demand, the cry is "but there's no physical demand!" (which is of course, false -- it's just that physical isn't QUITE as blockbuster as it has been at a few peaks in the past couple rally cycles).

Relevant:

Why big investors think it's time to hoard gold