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Gold demand has surged to record levels, driven by investors' fear of missing out on the precious metal's rally. Despite gold's strong performance, with prices hitting a new record high, retail investors are opting for Bitcoin ETFs and stocks like MicroStrategy ($MSTR) instead of gold and gold mining equities. This trend has led to a significant decline in gold mining stocks, with the VanEck Gold Miners ETF ($GDX) needing to increase over 7% to return to last week's high. Central banks are reportedly scaling back their gold purchases due to high prices, further complicating the market dynamics. Overall, the sentiment surrounding gold mining stocks remains weak despite the strong bull market for gold itself.
Gold demand has been continually on the rise this year. According to @FT it's not just retail investors who suffer from FOMO but instittions too 👇 https://t.co/YTbWDoHJ7c
#Gold is unchanged from yesterday's record close, after hitting a new record high today. Yet gold mining stocks are getting slammed again. The $GDX now needs to rally over 7% just to get back to last week's high. I've never seen sentiment this weak in a bull market this strong.
Investors' ‘fear of missing out’ on gold’s rally has sparked record demand for the precious metal, even as high prices push central banks to scale back their purchases https://t.co/RTnBLMTfTC https://t.co/CSe1Bg2Saa
