Gold: Strength in Price, Skepticism in Sentiment
In case you haven’t noticed, we’re living through a historic bull market in precious metals. Gold has now logged the most consecutive green monthly closes ever.
Relative to the S&P 500, miners are breaking out of decade-long bases. The riskiest names in the space are leading — $SILJ, the Amplify Junior Silver Miners ETF, is ripping to new all-time highs. That’s not a bear market, that’s leadership.
And yet… investors remain stubbornly underweight.
Outflows from $GDX are hitting records.
Short interest sits at its highest since 2018.
Bank of America’s Fund Manager Survey shows the majority of managers still carry 0% gold exposure.
This is the definition of a wall of worry. Bull markets are fueled by three things: strength in price, skepticism in sentiment, and money sitting on the sidelines waiting to chase.
Central Banks Know What’s Coming
Everyone talks about China when they talk about gold demand. But if you actually pull the World Gold Council data, you’ll see the real buyers.
Poland was one of the largest accumulators in Q2 2025, adding more than 18 tonnes to reserves. Kazakhstan and Turkey were right behind, both buying ahead of China.
It’s not the flashy headlines. It’s the steady central bank flows that quietly support this bull market and keep pushing prices higher.
Fund Managers Still Don’t Believe
BofA’s survey tells the story.
Despite gold making history, allocations remain light. The majority of professional managers still have zero exposure. Positioning has ticked up slightly, but it’s a fraction of what it could be.
That means most managers aren’t in this trade. Every month that gold climbs, the pressure ratchets higher. They’ll have to buy. And when they do, it won’t just fuel the rally — it could drive the next leg of this bull market.
👉 Strength in price.
👉 Skepticism in sentiment.
👉 Money on the sidelines.
That’s the setup. That’s what real bull markets are made of.
Against All Odds Research
Stay Connected:
YouTube: Against All Odds Research Channel (@againstalloddsresearch)
Twitter: Jason P (@jasonp138)
Substack: AAO Research
Support the Bees: Help save the native bees! Learn more and get involved here.