The David Lin Report · Monday, June 29, 2026
Jeff Christian notes a decline in gold ETF holdings since May, correlating with potential interest rate hikes. However, he emphasizes that ETF investors represent only about 10% of the global physical gold market, and their short-term, opportunistic behavior does not necessarily reflect the sentiment of long-term investors.
“ETF gold ETF holdings declined 2.8 million oz from the middle of May when the FOMC indicated, hey, you know, maybe we're going to be raising interest rates uh to June 25th last week, right?”
“ETF investors only represent probably about 10% of the global physical gold market. And that other 90% is much more important on a long-term basis and tells you where it's going.”
“And our expectation is that when the economic and political environment starts being perceived by the financial market consensus as being more hostile after August. We think that gold ETF investors will return. They're very opportunistic.”