Gold ETF and Silver ETF both experience pullbacks, with capital flows showing some adjustments

**Precious Metal ETFs Experience Simultaneous Reductions**

As the world's largest gold ETF, SPDR Gold Trust's holdings decreased sequentially, with the latest data showing current holdings at 1070.56 tons, down 1.43 tons from the previous trading day. Meanwhile, the world's largest silver ETF—iShares Silver Trust—saw a more significant reduction, with holdings dropping from the previous day to 16,444.14 tons, a decrease of 11.28 tons in a single day.

**Market Signal Interpretation**

The simultaneous reduction in holdings of the two major mainstream precious metal ETFs reflects a certain adjustment in market sentiment. While the gold ETF's decline is relatively moderate, the more substantial pullback in the silver ETF may indicate a change in investors' risk appetite toward precious metals. The subsequent market trend warrants close attention.