The David Lin Report · Friday, July 10, 2026
Matthew Piepenburg discusses investor disappointment with gold's recent sideways trading, noting that the price is only slightly down from its all-time highs and has shown significant growth over the past five years. He attributes the recent pullbacks to factors like leveraged ETF liquidations and sovereign selling for oil purchases.
“But gold investors are looking at the price and saying, well, yes, maybe it has relevance from a macro thematic point of view, but the price hasn't done anything for me in the last three months.”
“Gold's been up 128% in the last five years, over 1500% since 2000. So aren't you not entertained by gold? We're not apologizing. Gold's been behaving extremely well.”
“So during the war, there was a lot of for sale offs prior to the war, there was Black Friday. After we met, the algo driven trade. So those explain it.”