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Morning Bites (part 1)

📉 Gold-backed ETFs sold 16t of gold net in May, reversing from the 45t net purchase in April, per World Gold Council data. The outflows mainly came from North America and Asia (-9t each) last month. Meanwhile, since May 2024, global funds have added 1,036t net (~11% of world physical gold demand, in annualised terms)

Although, at spot, gold continues to trade above what we see as its fundamentally reasonable level, we believe that the precious metal’s price will remain elevated in 2026. Moreover, intense inflationary pressure, if high oil prices persist, might eventually trigger a bull-run in gold prices, as happened in 1978-1980

#ETF #gold
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