Something a bit odd in gold right now. $GLD just had one of its sharper weekly drops… while geopolitics is still active. That’s not the usual reaction. A few explanations floating around: • Forced liquidations • Crowded trade getting unwound • Markets leaning toward tighter policy But none of them fully line up. If it was pure liquidation… you’d expect broader risk to look worse. If it was policy… macro doesn’t really scream “tightening shock” here. So maybe it’s simpler. Positioning just resetting after a strong run… while the bigger macro story is still figuring itself out. Doesn’t feel like a structural shift yet. More like the market trying to rebalance.