The gold movement over the past cycle was primarily driven by China buying, and Western investors (particularly ETF investors) came in very late and missed most of the move or bought at the peak, while the secular bull market in gold is continuing.
factualpending
Speaker
Felix ZulaufEvidence Quote
“the gold movement was primarily dominated by China and China buying. And when you look at Chinese liquidity indicators, you see how the gold price went step in step with the liquidity indicators in China. And the westerners missed a big part of the move. Those who have been in them, they have been in them for a long time. Uh, like Jeffrey and myself. Uh, and those who played um, you know, from time to time in the Western world missed it a lot. Uh, you see the ETF investors came in very late and then went through the whole correction that we have just seen.”
Created: 8/12/2026, 6:25:56 PM
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