Deutsche Bank analysts say gold is holding up surprisingly well even with U.S. Treasury yields above 5 percent, acting as a portfolio anchor for institutional investors such as pension funds and insurers, while silver's fundamental support is fading. Rising inventories in London, Comex and Shanghai vaults, combined with demand destruction from high prices, mean silver's shrinking deficit could flip into an actual physical supply surplus next year. The bank also flags a historic copper shortage.
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