Not sure if this has been discussed already, but if not it was interesting to note Total Known ETF Holdings of Gold posting higher lows during its reversionary rally to date, signalling a change in the chart's character.

Eoin Treacy's view

Thank you for pointing out this chart and we last posted it in Comment of the Day in January. A loss of momentum has been evident in the downward trend of ETF holdings for much of the last year. This suggests most of the people who wanted to sell out of gold ETFs have already done so or are waiting for higher prices.

There is certainly some renewed excitement about gold as investors weigh the outlook for the Fed raising rates and the price of gold in other currencies.

Here are some charts of gold redenominated to:

Brazilian Real,

Russian Ruble,

Australian Dollars,

South African Rand,

Indonesian Rupiah,

Indian Rupees,

Chinese Yuan

Euro

And Pound.

We have long said gold does best when it is appreciating in most currencies, in other words when it is deemed to offer a safe haven as one of the strongest currencies. The above charts demonstrate that gold has justified credentials as a store of value in times of fiat currency stress. One of the issues with looking at the US Dollar price is that the greenback has been among the strongest currencies. Nevertheless, the metal’s relative strength in most other currencies is a potentially powerful bullish factor and suggests a medium-term low may already be in place.