In gold's run-up from $1450 to $1910, 70% of the buying was by retail investors.
Only 7% of the buying was from institutions.
In the subsequent run from $1600 to $1760, 85% of the buying was by momentum-chasing retail investors, but the 'smart money' was a net seller.
In the latest run-up, 92% of the buying from $1500 to $1790 is from 'mom and pop'.
Institutions are again net sellers.
See a pattern?
risk off....gold up, page-122
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