John Ciampaglia: Why Gold Is Being Sold — Even in a Bull Market #gold #goldinvesting #goldprice

John Ciampaglia argues that gold can still be sold aggressively even during a bull market because it is one of the most liquid assets for hedge funds and large asset managers to de-risk and raise cash. The key point is that selling pressure in gold does not necessarily reflect a bearish fundamental call on the metal; instead, it can be a portfolio-liquidity event driven by volatility spikes and broken risk models. He says institutional investors are de-grossing and reducing exposure as uncertainty rises, which can create gold ETF outflows even when the underlying macro backdrop remains supportive. In his framing, those outflows are more a signal of forced positioning changes than a repudiation of the gold thesis, and retail investors may be reacting very differently from institutions. For traders, the takeaway is that gold can suffer temporary liquidation waves in risk-off deleveraging episodes despite a constructive longer-term trend. Near term, watch for further ETF flow weakness and volatility-driven selling, especially if broader markets continue to de-risk; the distinction between tactical selling and structural demand deterioration matters for interpreting any pullback.