Oil price rally has pushed the global price of
gold below the 4,700 USD/oz level in trading on April 23. According to Muavangbac.vn, SPDR Gold Trust, the world's largest gold ETF, continued to post a net sell of 1.7 tons on April 23, extending a four-session selling streak. The total amount sold over the four sessions was 11.4 tons, bringing its holdings down to about 1,049 tons. The rally in oil prices raised inflation concerns, causing gold to slip below 4,700 USD/oz on April 23. On Kitco, gold was trading around $4,670/oz, down about 1.2% after two sessions. In tandem with the selling, the world’s largest silver ETF iShares Silver Trust (SLV), managed by BlackRock, sold more than 65 tons of silver on April 23, lifting the two-day net sale to 142 tons. Many analysts say central banks raising rates or keeping rates high for longer to fight inflation would create an environment unfavorable to non-yielding assets such as gold and silver. However, for Jeff Sarti, CEO of Morton Wealth, in an interview with Kitco News: Gold is not an investment—it's a store of value. Looking beyond near-term volatility, Sarti says his long-run optimistic view on gold stems from structural concerns about government debt and monetary policy. With rising debt, persistent inflation risks, and the potential for economic stagnation, he predicts investors will increasingly favor tangible assets over financial assets. He believes this shift could shape the next phase of the gold market—not as speculation, but as a foundation for portfolio stability.
