During the last trading session, Chinese ETFs had a net outflow of approximately 64,000 ounces, which more than offset the inflow of 27,000 ounces from global x-China ETFs. This decrease in assets is significantly lower than the inflows seen in previous months, suggesting that other groups may also be selling. According to TDS’ Senior Commodity Strategist Daniel Ghali, a rise in comex Gold open interest indicates some short positions were acquired recently. However, the overall selling is still limited, indicating that prices are simply consolidating until buyers enter the market. Furthermore, it is important to note that CTAs, macro funds, and top Shanghai traders have not significantly decreased their long positions, and central bank demand is expected to balance out any selling from retail ETF holders. Despite the negative news about trade impacting Gold this week, prices are not expected to decline significantly due to the USD possibly losing its role as a store of value, even though it remains a reserve currency. This is an example of an asymmetric trade, and it is believed that this trend will continue.