ETF (fund) is based on the pure purchase of gold as a means of profit. They sold gold because of the forced liquidation caused by the risk rate. That's why we often see the lowest market price when ETFs lighten their positions. This is because their fund position risk has reached the early warning level. Must be forced to close the position. Accordingly, when ETF increases its holdings of gold, it will increase its holdings of gold as long as the profit of the fund account reaches a certain level.

ETFs holding gold usually lead to a short-term decline in the market. The market sentiment reflected by this reaction is the so-called short-term bull dissipation. Because ETF is a big fund in the market. It will have an impact on the release of long-term energy in the short-term market. Accordingly, after a short-term decline, the bullish atmosphere of the market will gather again. Then push up the price.

ETF reduces its holdings of gold. Usually, the above situation is just the opposite.

-this is copied from other places.