Systematic funds continue to favor precious metals, particularly gold and palladium, with gold prices consolidating above $3,200 and CTA positioning remaining firmly net long. Gold recorded a 3.79% gain, while palladium rose by 1.46%. Trend-following funds are selectively maintaining risk-on exposure in safe havens, as energy commodities like Brent crude, sugar, corn, and natural gas remain out of favor. Silver is gaining momentum, rallying toward multi-year highs amid surging industrial demand and a historically high gold-to-silver ratio. Despite silver's price strength, systematic funds' CTA positioning in silver has only recently begun to recover, suggesting potential for further catch-up buying if momentum continues. Overall, systematic funds maintain a defensive stance with steady bond inflows, deep shorts in the U.S. Dollar Index (-3.18%), and light underweight positions in equities such as the S&P 500 and Nasdaq 100.