Gold (GC=F) just posted its best week since February. The investors who once crowded into the trade have mostly left.
The metal gained nearly 7% for the week, reclaiming its 50-day moving average and breaking the downtrend that had controlled prices since March. Wednesday's 4% surge was its biggest one-day jump since February and carried gold futures to a seven-week high.
That breakout arrived after a spectacular investor retreat.
The rolling 125-day total for precious-metals ETF flows peaked at nearly $40 billion in February. By Monday, it had fallen to nearly negative $20 billion — a reversal of more than $55 billion and the lowest reading in data going back to 2015, according to Baird Strategas.
The January gold rush did not merely cool. It emptied out.
#since #march
The metal gained nearly 7% for the week, reclaiming its 50-day moving average and breaking the downtrend that had controlled prices since March. Wednesday's 4% surge was its biggest one-day jump since February and carried gold futures to a seven-week high.
That breakout arrived after a spectacular investor retreat.
The rolling 125-day total for precious-metals ETF flows peaked at nearly $40 billion in February. By Monday, it had fallen to nearly negative $20 billion — a reversal of more than $55 billion and the lowest reading in data going back to 2015, according to Baird Strategas.
The January gold rush did not merely cool. It emptied out.
#since #march
3 months ago
