Something interesting has recently happened—the world's largest gold and silver ETF holdings have both sharply declined at the same time!

The specific numbers are as follows:
· Gold ETF(SPDR) decreased by 1.43 tons
· Silver ETF(SLV) fell even more sharply, losing 11.28 tons

This is not a minor fluctuation but a real reduction in holdings. Generally speaking, changes in these two major funds' holdings often reflect the true intentions of large global capital, and a reduction indicates that institutions' enthusiasm for precious metals is indeed cooling in the short term.

Why is this happening? Several theories are flying around in the market: some say it’s because the Federal Reserve’s interest rate policy signals have changed, leading to higher financing costs; others believe risk sentiment has warmed up, and large funds are shifting from safe-haven assets to higher-yield assets like stocks and cryptocurrencies; yet another camp thinks this is just a technical adjustment, with institutions reserving ammunition for the next move.

Historically, every time ETFs continue to reduce holdings, precious metal prices tend to face pressure. But from another perspective, this also sends a signal—that safe-haven funds are looking for new landing spots. The two most important questions to watch next are: will the reduction deepen further, and where will these funds ultimately flow? Whether gold, as the king of safe-havens, can maintain its position, the market will soon give an answer.