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Is gold setting up for a short squeeze amid the Iran deal?
Gold funds posted -$2.3 billion in outflows last week, marking the 4th consecutive weekly outflow.
This brings the 4-week average of outflows to -$2.0 billion, the 2nd-largest on record.
This is only below the -$3.5 billion 4-week average record seen in February.
Meanwhile, the largest US gold-backed ETF,
$GLD
, has seen -$2.2 billion in outflows so far this month, on track for its 4th consecutive monthly withdrawal.
Year-to-date,
$GLD
has seen -$8.1 billion in outflows, on track for the first annual withdrawal since 2023.
Conditions are ripe for a short squeeze.