Although markets are tanking and gold is selling off, funds are flooding into gold. While anything is possible in an illiquidity event, the smart money seems to be looking further into the future at the insolvency event to come.
“Holdings in gold ETFs surged by 55 tons in the previous 3 days or 1.8 million ounces, accounting for almost a third of year-to-date inflows, according to a preliminary tally by Bloomberg. Notably, inflows into ETFs this year are already more than half of 2019’s total” – Source: FXstreet – 12 March 2020.
The world’s largest gold ETF is GLD. Although Gold has pulled back it is still bullish. Gold is retesting major support on the GLD etf. There is big support at that level from the 20 and 50 week moving average.
Click link for the chart: https://invst.ly/q3psd