According to The Kobeissi Letter, gold prices have surged above $3,300 per ounce, continuing an aggressive rally even as the S&P 500 has climbed 17% from its April 7th low (source: @KobeissiLetter, Twitter, May 5, 2025). Notably, the gold ETF $GLD has outperformed the S&P 500 by 35 percentage points since 2020. This significant outperformance highlights strong investor demand for gold as a hedge, signaling potential momentum for trend-following traders and reinforcing gold's role as a safe haven asset in diversified portfolios (source: @KobeissiLetter, Twitter). Traders should monitor gold price action for potential breakout opportunities and consider the ongoing strength relative to equity markets.

According to Eric Balchunas, $GLD has become the 12th ETF to enter the exclusive Hundo Billy Club, marking a significant milestone as the first commodity ETF to achieve this status. This development is particularly noteworthy given that GLD's assets have doubled from $50 billion just 18 months ago. Traders may find this growth indicative of increasing investor confidence in commodity-based ETFs, potentially influencing trading strategies focused on commodity markets.