[This article originally appeared on HardAssetsInvestor.com and is republished here with permission.]

Neither gold nor silver prices moved last week as the duo remained stuck in their well-established ranges. However, investors steadily accumulated positions in the metals, signaling confidence that prices will eventually break higher.

Recent SEC filings showed that billionaire George Soros' company doubled its stake in the SPDR Gold Trust (NYSE Arca: GLD) in the second quarter to 884,000 shares. Fellow billionaire John Paulson increased his holdings by a quarter to 21.8 million shares.

Total gold exchange-traded fund holdings reached 77.7 million troy ounces this week, up 2 million from the start of the year and a new record high.

Silver exchange-traded fund holdings are creeping higher as well. They last stood at 582 million troy ounces, up 26 million from the start of the year. Silver holdings peaked at 599 million last April, when the metal reached a record high near $50/oz.

Thus, the current increase in investment appetite for the gray metal bodes well for bulls.

We maintain our view that both gold and silver will eventually move decisively higher, but that silver is likely to outperform.

GOLD

SILVER

PLATINUM

PALLADIUM

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