Many precious metals buyers are coming around to gold and silver from variety of places and perspectives.
Broadly speaking, individuals who invest in precious metals tend to be from the developing world which is also the dominant population in the world. These cultures and societies tend to have a deeper understanding of gold and silver because for thousands of years they have witnessed currency abuse. The need for wealth protection is imprinted into their collective viscera.
Individuals in the west who are just coming around to precious metals tend to come from the fringes of society or may be influenced by the other major precious metals investing entity - the massive banks and and institutions.
Those institutions are the kings of trade, often never losing, creating, and using price volatility in order the profit. Others follow their lead either to suppress the price or to gain some sort of yield or position themselves for the eventual end of fiat currencies, which is not a difficult event to imagine coming at some point in the nearer future.
Individuals from the west who have, as result of this great financialization of everything and the evolution of institutions that are in the precious metals markets have come to precious metals form a yield perspective or an investment standpoint, and not necessarily from a safety hedge or as a natural insurance or a natural sort of value.
Even the difference between insurance and store of value is basically still lost on the western investor for the most part.
In the mainstream, the precious metals investor is still very much tied to the political profile of the prepper or someone who is outside of the mainstream. This group is typically ridiculed, which makes it even more difficult for the average person to see the need for precious metals, but also the underlying need for some sort of insurance.
It does reinforce the faith in those who are in power to kind of get us through that which if you look deep enough into the numbers and the results, they’ve actually been making things worse for the average person.
This great financialization of everything has worked against the average person for many years. The precious metals buyer is varied basically split into these two classes individuals and institutions individuals mainly come from the developed world and will always be buyers of metals who always trade their currencies for precious metals and ones in the west are still mainly influenced by the institutional buyer who has taught them over the years to look for yield look for ways in which investments can work for them, not just retain the initial investment.