After the gold price broke through, ETF funds finally flowed back in. This kind of inflow that lags behind a price breakout is quite common—retail investors are always the ones who chase after prices rise. Historically, at the very beginning of every major uptrend, institutions move in first to push the price higher, and only once the trend is established does ETF inflow catch up. The question now is: how long can this wave of inflow last, or is it just a short-lived chase higher? Look at what the Federal Reserve does next and where real interest rates are headed. For an asset like gold, the biggest fear is a rise in nominal rates coupled with real rates turning positive—at that point, ETF inflows could reverse instantly. At this stage, the outlook is cautiously bullish, but don’t forget that gold has never been a one-way market.