The junior miners have a higher beta to the price of gold than do the majors, so they tend to underperform the majors when gold itself sells off.
Both of those ETFs have seen cumulative inflows over the previous 1 month period even though the corrections in those ETFs have been much deeper than that of gold.
What is odd about the GLD fund flows is that they stand in stark contrast to those of two of the most popular gold miner ETFs, the GDX (the gold mining majors) and the GDXJ (the gold mining juniors).
Bitcoin leads gold prices by about 1 month, so the elevation of bitcoin back into the stratosphere should portend good things for the shiny metal if history is a guide.
That investors have been willing to hold ETFs with 2-4x leverage to the gold price is indicative of more upbeat sentiment on the gold space in general, in our view.