In short: Baruch's physical-gold vehicle: in January he sold CEF into OUNZ to cut the silver exposure ("great timing"); part of the same gold-add on seasonality + the walked-back-hawkishness thesis. Gold's 2026 drawdown he pins on Basel III (tier-1 status → oil-exporter balance-sheet selling), not a broken thesis.
OUNZ is a fund that holds physical gold (it even lets holders redeem for real coins/bars). Bill Baruch uses it as his gold vehicle — back in January he swapped out of a different fund (CEF) into OUNZ specifically to drop the silver exposure, and he's now adding on the same seasonal + "Fed hawkishness gets walked back" thesis.
His explanation for why gold fell in 2026 despite all this: a rule change (Basel III) made gold a top-tier bank asset, and cash-strapped oil-exporting nations have been selling their gold reserves to raise money — a mechanical, temporary source of selling, not a sign the long-term case is broken.
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