THAT'S RALLYING OTHER NAMES LIKE GOLD, OF COURSE, PLATINUM. PALLADIUM ARE EACH HIGHER AND APPROACHING THEIR RESPECTIVE ALL TIME HIGHS AS WELL. SO LET'S WELCOME IN OUR NEXT GUEST, PHILIP STREBEL, THE CHIEF MARKET STRATEGIST AT BLUE LINE FUTURES, TO HELP BREAK DOWN WHAT'S BEEN GOING ON IN THE METALS TRADE, SPECIFICALLY WITH REGARD TO THE PRECIOUS ONES FOR RIGHT NOW, PHILIP, WHEN YOU LOOK AT THESE CHARTS, HOW MUCH CAN THEY GO FURTHER TO THE UPSIDE.>> WELL, I MEAN, WE SEE A SCENARIO WHERE GOLD FUTURES COULD HIT ...

Group 1: Market Outlook - Gold futures are projected to potentially reach $5,500 by 2026, while silver futures could hit $11,520 due to market volatility [1] - Continued central bank buying and private investor ETF flows are driving demand for gold and silver, with expectations of two interest rate cuts by the Fed [2][4] - Poland has added 150 tons of gold to its reserves, while India is reducing its US Treasury holdings in favor of gold investments [3] Group 2: Investment Trends - There is a multi-year increase in gold ETF holdings as both individuals and institutions view gold as a strong portfolio asset for diversification against inflation and geopolitical risks [4] - The traditional 60/40 portfolio strategy is being replaced by allocations to strategic commodities like gold, silver, and copper [4] Group 3: Market Dynamics - The average true range for gold is currently $95 per day, while silver is at $5 per day, indicating potential for significant sell-offs during market corrections [7] - There are multi-year supply deficits in metals, coupled with strong industrial and investment demand, creating a scenario where demand outpaces supply [7] - The market for platinum is experiencing new highs, driven by supply constraints from South Africa and Russia, which together account for a significant portion of global production [10][11]

Group 1 - The article provides an overview of net flows across various ETF asset classes, highlighting a total net flow of $5,725.40 million as of the specified date [1] - International equity saw the highest net inflow of $2,989.72 million, while currency ETFs experienced the largest outflow of $391.93 million [1] - Alternatives and asset allocation ETFs had modest net inflows of $133.52 million and $62.90 million, respectively, indicating a stable interest in these categories [1] Group 2 - The total assets under management (AUM) for all ETFs reached $13,926,585.60 million, with a percentage of AUM for net flows at 0.04% [1] - International fixed income ETFs had a significant net inflow of $1,615.81 million, representing 0.42% of their AUM [1] - US equity and US fixed income ETFs had net inflows of $645.28 million and $601.64 million, respectively, with both categories showing minimal percentage changes relative to their AUM [1]

Core Insights - The article discusses the net flows of various asset classes in ETFs, highlighting significant redemptions in certain categories while showing positive flows in others [1] Group 1: ETF Flows by Asset Class - Alternatives experienced a significant net outflow of $1,451.66 million, representing a decrease of 1.27% of its total AUM of $114,419.37 million [1] - US Equity saw the largest redemption with a net outflow of $4,948.17 million, which is a minor decrease of 0.06% of its AUM of $8,388,319.16 million [1] - International Equity had a positive net inflow of $3,269.46 million, constituting 0.14% of its AUM of $2,382,313.57 million [1] Group 2: Overall ETF Market Performance - The total net flows across all asset classes amounted to $3,149.99 million, with a total AUM of $13,927,311.84 million, indicating a slight increase of 0.02% [1] - US Fixed Income showed a positive net inflow of $3,578.38 million, which is 0.19% of its AUM of $1,930,331.75 million [1] - Commodities ETFs recorded a net inflow of $1,966.48 million, representing 0.53% of their AUM of $369,285.39 million [1]

Top 10 Creations (All ETFs) Top 10 Redemptions (All ETFs) ETF Daily Flows By Asset Class   Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 18.92 113,794.98 0.02% Asset Allocation 47.60 33,687.28 0.14% Commodities E T Fs 621.56 362,875.89 0.17% Currency 32.71 148,134.69 0.02% International Equity 1,325.96 2,357,938.67 0.06% International Fixed Income 670.46 378,188.19 0.18% Inverse 58.35 12,239.40 0.48% Leveraged -456.71 ...

Top 10 Creations (All ETFs) Top 10 Redemptions (All ETFs) ETF Daily Flows By Asset Class   Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 6.93 113,314.07 0.01% Asset Allocation 20.29 33,499.29 0.06% Commodities E T Fs 1,281.06 350,940.51 0.37% Currency -355.31 146,743.58 -0.24% International Equity 1,498.42 2,336,831.86 0.06% International Fixed Income 831.24 375,968.91 0.22% Inverse 42.03 12,136.13 0.35% Leveraged -723.6 ...

Top 10 Creations (All ETFs) Top 10 Redemptions (All ETFs) ETF Daily Flows By Asset Class   Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives -4.31 113,105.17 0.00% Asset Allocation 35.62 33,342.91 0.11% Commodities E T Fs 368.47 346,662.92 0.11% Currency -373.13 149,510.15 -0.25% International Equity 1,323.89 2,323,415.16 0.06% International Fixed Income 265.92 374,044.87 0.07% Inverse 12.64 12,161.32 0.10% Leveraged -164.29 ...

Core Insights - JPMorgan analysts observed a stabilizing flow pressure in spot crypto ETFs in early January, following a period of de-risking in late 2025 that was characterized by ETF redemptions rather than a liquidity freeze [1][2] - Bitcoin is currently trading at $90,428, down 2.50%, while Ethereum is at $3,100, down 4.54% [1] Group 1: ETF Flow Dynamics - U.S. spot Bitcoin ETFs experienced $697.25 million in net inflows on January 5, which shifted to $243 million in net outflows by January 7, indicating a transition from "forced reduction" to "tactical rotation" [2] - This change in flow dynamics is expected to tighten intraday ranges and enhance bid support in Bitcoin perpetual funding regimes [2] Group 2: Market Positioning and Sentiment - JPMorgan's analysis aligns with previous insights from Nikolaos Panigirtzoglou's team, which differentiated between October's perpetual deleveraging and November's ETF-led selling by non-crypto investors, primarily retail ETF users [3] - This distinction helps maintain the correction narrative focused on positioning rather than systemic market issues [3] Group 3: Traditional Allocators and Risk Sentiment - Traditional allocators received a positive signal when MSCI announced it would not remove digital-asset treasury companies (DATCO) from indexes, which alleviated near-term forced-selling risks for passive index products holding crypto-related equities [4] - The shares of Strategy's (MSTR) increased following this update, indicating a reduction in selling pressure [4] Group 4: Trade Setup Changes - The current trading environment is characterized by alternating creation and redemption days, allowing desks to hedge more effectively through basis and options [5] - If MSCI retains the "DATCO" category in benchmarks during the February review, it could prevent systematic equity reallocations from acting as a hidden sell program for crypto beta, thereby supporting tighter correlations among Bitcoin spot, CME basis, and ETF flow momentum [6]

Top 10 Creations (All ETFs) Top 10 Redemptions (All ETFs) ETF Daily Flows By Asset Class   Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 8.50 111,084.21 0.01% Asset Allocation 32.15 32,868.25 0.10% Commodities E T Fs -239.47 337,366.39 -0.07% Currency 563.92 145,751.41 0.39% International Equity 317.34 2,270,775.84 0.01% International Fixed Income 384.78 371,180.34 0.10% Inverse 88.71 12,242.77 0.72% Leveraged -474.59 ...

Top 10 Creations (All ETFs) Top 10 Redemptions (All ETFs) ETF Daily Flows By Asset Class   Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 123.13 111,066.40 0.11% Asset Allocation 40.67 32,746.94 0.12% Commodities E T Fs -891.62 333,335.33 -0.27% Currency -430.34 141,595.34 -0.30% International Equity 982.11 2,250,273.34 0.04% International Fixed Income 642.41 370,954.65 0.17% Inverse -169.36 12,318.66 -1.37% Leveraged -69 ...