The holdings of gold ETFs continue to decline, and the gold bull market has not ended

According to the Golden Ten report, although gold prices frequently hit record highs, global gold ETF holdings continue to decline. Data compiled by ING Bank shows that as of April 4, gold ETF holdings have dropped to about 820,000 ounces from 856,000 ounces at the beginning of this year. ING believes that there is still a lot of room for buying gold, but it may need to wait until the Federal Reserve actually starts to cut interest rates before investors will flock to buy it.

The Soochow Securities Research Report pointed out that the gold bull market has not ended, but the sustainability of the rise is facing a test due to its reliance on grand narratives and unattractive holding returns. If we refer to the historical experience of gold breaking $1,000 per ounce in 2009, $2,400 per ounce may be an important resistance level.