Global vault holdings have swelled to around 1,870 tonnes, the highest since December 2013 following net inflows of some 400 tonnes so far this year – a dramatic reversal of the trend during the last three years when a staggering 1,198 tonnes left funds.

Silver ETF investors are piling in too with total holdings now within a fraction of a percentage from all-time highs reached in 2014 above 20,000 tonnes. Physical gold ETF holdings hit a record record 2,632 tonnes at the end of 2012.