**Tactical: Big Buying ($3Bn) Expected This Month

Founders |

Bottom Line:

If Gold doesn’t go up in buy season with this kind of buying built in.. That means the long funds are smacking it to take profits and have been front runnign it since March

IF IT DOES.. then there is no stopping it because that means the Macro Discretionary are in it for the longer haul well beyond the election

Contents: (425 words)

1. Summary

2. The Fundamental Backdrop

3. Tactical Alignment

4. Key Level to Defend in a Reversal

Summary:

Inflows to ETFs and CTAs this month are expected to be about $3 Billion as Western money begins its seasonal investment cycle in a rate cut environment while geopolitical tensions simultaneously continue to bolster BRICS regional buying