Palisades Gold Radio · Friday, July 17, 2026
Johnston notes that despite demand destruction caused by high prices, Organization for Economic Co-operation and Development (OECD) inventories have seen significant drawdowns and remain low. He suggests this is a key factor preventing prices from falling further.
“I mean we have seen huge drawdowns in inventories particularly across the OECD and I think that's important”
“and you could argue that for all the demand destruction that we've seen as a result of high prices that we're still in a period of deficit and the inventories are just too low and that's the reason why prices haven't been able to fall back to more normal levels”