Syz the moment

Gold has crashed more than 25% since the US-Iran war began, falling below $4,000 for the first time in over 3 months. But instead of selling, investors are continuing to pile into Gold ETFs, with holdings climbing toward 102 MILLION ounces. This is happening while stocks are crashing and investors are selling assets to raise cash. This means gold downtrend is because of forced selling. If ETF investors keep accumulating despite the crash, we could see good rebound in gold once panic settles. Source: Bull Theory, Bloomberg

Foreign buyers are importing record amounts of American gold. Precious metals have reportedly overtaken oil to become the largest US export category. Meanwhile, foreign appetite for US Treasuries is weakening. Together, these trends raise a question: is the world changing what it wants to hold? For decades, dollar reserves and US government bonds sat at the heart of the global financial system. Today, rising sovereign debt, fiscal pressures and concerns about purchasing power are strengthening the appeal of an asset with no issuer and no repayment promise. Gold. Trade flows alone do not prove the end of dollar dominance. But they deserve attention. When confidence in government promises weakens, investors often reach for something governments cannot print. Five thousand years of monetary history still carry weight. Source: Casey Donaldson @caseyjdonaldson

Source: Hedgeye Bloomberg

A nearly 4% gold selloff is the kind of day you study, not ignore. Source: Katusa Research

Source: Katusa Research

First time since 2020 Source: Patterns

Source: Bull Theory

Source: Bull Theory