Thursday, August 11, 2022 5:51:30 PM
McClellan Financial Publications, Inc
Posted Aug 11, 2022
Everyone wants to be a contrarian, and to go against the crowd. So the constant quest is to know what the crowd is thinking and doing, so that one can go against it.
This week’s chart shows the total combined assets held by GLD and IAU, which are the two largest ETFs that are backed by gold bullion. Normally these asset levels move up and down in step with gold prices. It gets much more interesting when there is a disagreement, like what we are seeing now.
The pop higher in gold prices has brought zero new interest among investors in expanding their holdings of these ETFs. That is a sign of firmly entrenched bearish sentiment, which is a longer duration bullish message. Uptrends end when these traders start getting on board, and getting excited. They are still not yet even thinking about getting on board the bullish train.
We have seen this happen before, when gold prices would turn higher but the total combined assets in GLD and IAU would refuse to turn upward along with prices. In those cases, what usually would happen was a longer up move in gold prices, an upturn which lasted until “the crowd” finally decided to get on board. The longer that they hold off from buying into these ETFs, the longer the uptrend can last. Uptrends tend to end when the strong hands who started them begin handing over their shares to the weaker hands of “the crowd”, who chase momentum and come storming in at the end. The crowd in gold ETFs is not doing that yet.
Article w/chart:
http://www.321gold.com/editorials/mcclellan/mcclellan081122.html
Recent GOLD News
- Porgera Mine Working with UN and Enga Provincial Government to Provide Humanitarian Aid to Violence-Stricken Province • GlobeNewswire Inc. • 09/20/2024 03:35:21 PM
- Barrick Continues to Unlock Value Embedded in Its Asset Base • GlobeNewswire Inc. • 09/17/2024 05:00:29 PM
- Feasibility Study on Lumwana Super Pit Expansion Expected by Year-End • GlobeNewswire Inc. • 09/11/2024 09:00:00 PM
- Key Projects Advance as Barrick Keeps Tight Focus on Value Creation and Growth • GlobeNewswire Inc. • 08/12/2024 10:00:00 AM
- Barrick Declares Q2 Dividend and Buys Back Shares • GlobeNewswire Inc. • 08/12/2024 09:59:00 AM
- U.S. Futures Steady as Markets Await Key Inflation Data, Oil Prices Climb • IH Market News • 08/12/2024 09:47:41 AM
- Mining Plays a Vital Role in Advancing the UN’s Sustainable Development Goals, says Barrick • GlobeNewswire Inc. • 08/02/2024 06:45:39 PM
- Porgera Remains On Track Despite Mulitaka Landslide Challenges • GlobeNewswire Inc. • 07/25/2024 11:00:00 AM
- Higher Q2 Production Puts Barrick On Track to Deliver 2024 Targets • GlobeNewswire Inc. • 07/16/2024 11:00:00 AM
- Barrick Continues to Invest in Mali • GlobeNewswire Inc. • 07/09/2024 07:00:00 PM
- Exploration Success, Capital Investment and Reserve Growth to Sustain Kibali’s Production Profile • GlobeNewswire Inc. • 07/02/2024 04:00:00 PM
- Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims • GlobeNewswire Inc. • 06/07/2024 11:18:39 AM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/29/2024 08:01:04 PM
- Barrick’s Sustainability Strategy Delivers Real Value to Stakeholders • GlobeNewswire Inc. • 05/15/2024 11:00:00 AM
- Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica • GlobeNewswire Inc. • 05/01/2024 10:15:00 AM
- Barrick to Ramp Up Production As It Remains On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 05/01/2024 10:00:00 AM
- Barrick Declares Q1 Dividend • GlobeNewswire Inc. • 05/01/2024 09:59:00 AM
- Barrick Announces Election of Directors • GlobeNewswire Inc. • 04/30/2024 08:15:55 PM
- Barrick On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 04/16/2024 11:00:00 AM
- Notice of Release of Barrick’s First Quarter 2024 Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Strategy-Driven Barrick Builds on Value Foundation • GlobeNewswire Inc. • 03/28/2024 09:20:38 PM
- Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base • GlobeNewswire Inc. • 03/20/2024 02:00:00 PM
- Barrick Opens Academy at Closed Buzwagi Mine • GlobeNewswire Inc. • 03/18/2024 08:00:00 AM
- Barrick to Grow Production and Value on Global Asset Foundation • GlobeNewswire Inc. • 03/15/2024 11:53:01 AM
- Loulo-Gounkoto Delivers Another Value-Creating Performance • GlobeNewswire Inc. • 03/10/2024 10:00:00 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM