Chart of the Week - Gold ETF Assets
When I last checked, the gold price (in US$) was making new all-time highs and apparently in the process of making the big breakout that everyone (in gold land at least) has been waiting for.
And assets in gold ETFs?
About -30% off their all-time high in 2020.
Skepticism. Doubt. Apathy.
Also, chartists will note that it looks to be coiling into a symmetrical triangle pattern. If the breakout in price holds and sees follow-through it could trigger a breakout in gold ETF assets — aka bandwagoning.
By my analysis, a few things still need to go right for gold, but it sure is interesting to see price breaking out while investor sentiment/positioning/flows are still seemingly snoozing and skeptical. $Gold - main 2404(GCmain)$
Key point: So far investors are not buying the breakout in gold.
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