Global gold ETFs lost 85t in May 2026, the largest monthly outflow since October 2024, with North American funds accounting for 72% of the redemptions. The outflows reflect a rotation out of precious metals into equities and short-dated Treasuries as real yields rise.
COMEX managed money net long positions fell to approximately 42,300 contracts in the week ending June 16, down 62% from the January 2026 peak of 111,000 contracts. The reduction in speculative length has been a steady bleed since mid-February, with only two weeks of net additions during the period.
Gold-backed ETF holdings globally now stand at approximately 3,140t, down from the December 2025 high of 3,265t. The North American share of ETF outflows is consistent with a 'risk-on' rotation — US equity markets reached fresh highs in early June.
The leasing market shows no signs of stress. Gold forward offered (GOFO) rates remain in normal contango at 0.32%, indicating adequate physical availability. The absence of backwardation suggests the current correction is orderly and not driven by physical supply dislocation.
London Bullion Market Association (LBMA) clearing data shows daily transfer volume averaging 28.6 Moz in May, down from 32.1 Moz in April, in line with the seasonal pattern. The volume reduction is consistent with lower speculative activity rather than physical demand destruction.
ETF outflows and managed money liquidation create near-term headwinds but also buying opportunities for industrial consumers. Target purchases near the $4,000-4,100/oz support zone where physical buying tends to absorb selling pressure.