Holdings in exchange-traded gold products have been building steadily for several weeks without the retail search interest and social activity that normally accompanies a flow reversal. That absence is the interesting part.
Rebalancing, not speculating
A fixed-weight allocation forces buying into weakness. When several large pools of capital run the same policy, the effect looks like conviction and is in fact arithmetic.
Why it is stickier
Positions taken by committee turn over slowly, which dampens volatility on both sides. It also means the flows tell you little about the next month and a good deal about the next three years.
