Last week we wrote about the propensity for mild corrections in the early stages of Gold bull markets.
Neither Gold nor the gold stocks have moved far enough to anticipate a sharp correction, and sentiment-related indicators reveal only a moderate increase in bullish sentiment in the face of a $300 rebound in Gold. Gold has traded within 6% of the all-time high, yet the net speculative position remains below 200K contracts and well below positioning at the 2022 peak, 2019 Gold breakout, and 2016 peak.
When the Gold prices rises, ETF demand usually increases. The chart below plots the Gold price and the ounces held in the GLD ETF.
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