Gold hit a fresh record at $4049 today and is trading at $4039, up $56 on the day. It blew right through $4000 today in a very impressive move. Yesterday's shallow dip was bought aggressively in a sign that many are waiting on the sideline and looking to get in.
Here is a chart from TD Cowen showing why. It highlights that gold holdings in ETFs aren't particularly high. People piled in briefly post-covid but that money came out in 2024 and has only started to go back in. That's a sign that retail isn't yet loaded up on gold, which is the kind of thing that will happen at the top.
