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Alasdair Macleod questions the recent surge in gold exchange-traded fund activity, observing a notable disconnect between ETF flows and the actual price of gold, which is around $4,100.
Macleod highlights that gold ETFs are performing as if gold were trading at $5,400, prompting speculation about which market participants are selling gold under these conditions.
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Macleod previously linked sharp markdowns in paper gold and silver to futures contract expiry and actions by bullion banks in an earlier analysis. He has also warned that gold could reach $153,000, referencing concerns about a potential U.S. dollar collapse in a separate report. These past remarks put his latest focus on ETF flows in further context.