SPDR Gold Trust

A 3% morning move in both metals at once is the kind of day that reprices miners and metals ETFs before most investors check their accounts.

Gold $GLD and silver $SLV are having a good morning, both up 3%+.

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Nearly half of this year's $3.8 billion in withdrawals from the largest US gold ETF came in October alone, a sign the retail bid behind gold's run is thinning out.

BREAKING: The largest US physical-gold backed ETF, $GLD, recorded -$1.8 billion in outflows in October, its biggest monthly withdrawal since June. This also marks its 3rd-largest monthly outflow since February 2024. Year-to-date, $GLD has seen -$3.8 billion in withdrawals, https://t.co/o2JZH8Vy2u

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Bonds returned 14% over the decade, well short of the 39% rise in inflation, while Nvidia returned 13,127%. That gap explains why so many portfolios now lean hard on a handful of AI names.

Last 10 Years... NVIDIA $NVDA: +13,127% Bitcoin $BTC: +12,645% $AMD: +7,733% Tesla $TSLA: +2,607% Apple $AAPL: +1,177% Microsoft $MSFT: +938% Google $GOOGL: +755% Amazon $AMZN: +509% Meta $META: +460% S&P $SPY: +319% Gold $GLD: +220% US Inflation: +39% US Bonds $AGG: +14%

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Bitcoin's biggest ETF outranking gold's at 5th in all-ETF volume is the clearest sign yet that the debasement trade is rotating toward crypto, and Balchunas says the volume leaderboard now doubles as the year's theme list.

$IBIT having one those days.. 5th in overall ETF volume with its BFF (Best Frenemy Forever) $GLD in 9th spot (normally GLD has higher rank, prob btc price up more today). Btw the Top 10 is a perfect snapshot of this year: VOO & Chill + AI Mania + Debasement Trade https://t.co/gXW5A4rlsz

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