One of the most encouraging aspects of gold’s climb to record levels is that it’s achieved this positive momentum without any assistance from ETF purchases. In fact, to this point ETFs have been a drag on the gold price, with many investors remaining on the sidelines as gold prices have surged higher.

To this point in 2023, gold ETF investors have so far been sellers for much of this year, holdings down by more than a fifth from a high reached in 2020. The significance of all this is that there is the very strong prospect of consolidation and further rallies at high price levels, as investors not currently in the market, begin to return.

This is important in the context of investors asking ‘what next for gold?”

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