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TME: "Gold bounced cleanly off the 50-day and the longer-term trend line.
We’re now trading at the highest levels since that bounce, hovering around the 50% retracement of the large down candle. So far, this has been a textbook rebound as positioning resets. gold likely needs more time to consolidate. $5,200 stands out as major resistance, while $4,800 marks key support". Source: TME
🔴Hedge funds are pulling back from gold at the fastest pace in months:
Net long positions in gold dropped -23% last week, to 93,438 contracts, the lowest in 15 weeks and near the lowest in at least 12 months. This comes after gold suffered its biggest single-day plunge since 2013 on January 30. Net long positioning has now fallen -60% from the February 2025 peak of ~240,000 contracts. Hedge fund sentiment on precious metals is shifting rapidly. Source: Global Markets Investor, Bloomberg
🔥Gold fund inflows are going parabolic:
Cumulative inflows to gold funds have surged to +$127 billion since 2020, according to BofA. Nearly +$120 BILLION has come since the start of 2025. Meanwhile, gold and gold mining ETFs received a record $91.86 billion worth of inflows in 2025, more than 8 TIMES the total in 2024. This all comes as gold hit multiple record highs over the last 2 years, and central bank buying remains historically elevated. Source: Global Markets Investor, BofA
J.P. Morgan in 1912: "Gold is money. Everything else is credit."
Source: Barchart
The Chinese leader told his people to hold gold. The people responded. Demand skyrocketed.
Now, the directive has shifted: Get USD off the books. The banks will respond. We aren't just talking about a policy change. We are talking about a fundamental shift in the global monetary order. Why does this matter? Liquidity is shifting: When the world's second-largest economy pivots away from the Dollar, the ripples hit every portfolio. Gold is the anchor: Central banks are returning to "real" assets as a hedge against geopolitical volatility. The Signal: When a superpower tells its financial institutions to de-risk from a specific currency, the "quiet part" is being said out loud. The world is de-dollarizing faster than most people realize. Source: Blomberg, Steno Research
Current gold bull market in historical perspective
Source: Willem Middelkoop @wmiddelkoop Canaccord Genuity Bloomberg
30-day realized vol in gold has climbed above 44%, the highest level since the 2008 financial crisis, according to data compiled by Bloomberg.
That surpasses the roughly 39% for Bitcoin, the original cryptocurrency often dubbed “digital gold.” Since Bitcoin’s creation 17 years ago, gold has only been more volatile on two occasions, most recently last May during a flare-up in trade tensions sparked by President Trump's tariff threats. Source: Bloomberg, www.zerohedge.com
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