Международните пазари на злато и сребро: тенденции и перспективи в условията на настоящата глобална несигурност
International Gold and Silver Markets: Trends and Perspectives in the Context of Current Global Uncertainty

Author(s): Valentin Bilyanski
Subject(s): Economy, Supranational / Global Economy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: international markets; gold; silver; global uncertainty
Summary/Abstract: This study examines the dynamics of the international gold and silver markets in the context of current global uncertainty. Gold has traditionally been perceived as a „safe haven” during periods of inflationary pressure, geopolitical conflict and financial market instability, whereas silver combines both investment and industrial characteristics, making it particularly sensitive to economic cycles. The report analyses the main factors shaping demand and supply after 2020, including monetary policy developments, fluctuations in the US dollar, industrial consumption, technological innovation and the growing importance of sustainability. Special emphasis is placed on a comparative assessment of the behaviour of the two metals as investment assets and strategic resources. The study presents key trends in price dynamics, structural changes in demand and supply, and short- and medium-term market outlooks. The research aims to identify opportunities and risks for international investors and to highlight the role of precious metals as indicators of global economic and political conditions. Based on the findings, it can be concluded that there is a significant likelihood of a gradual weakening in the relationship between the two markets, with gold retaining its primary role as an investment asset, while silver dynamics are increasingly driven by industrial cycles.

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