Gold has lost more than 25% while ETF investors keep piling in. Is forced selling setting the stage for a rebound?

Who is selling? All I hear is that people are buying.

looks short-term undervalued. pic.twitter.com/PqWUe3o5bR

— Eigenvalue (@geteigen) October 26, 2026

Reuters confirms margin calls are forcing investors to sell gold
https://www.reuters.com/world/india/gold-heads-steep-weekly-loss-oil-prices-fuel-fed-rate-concerns-2026-10-23/
Reuters reported that losses in technology stocks triggered margin calls, prompting investors to sell gold and silver to raise cash. Gold fell below $4,000 an ounce and suffered its steepest weekly decline since June. This is direct evidence for the forced-selling explanation, rather than simply an inference from gold falling alongside stocks.

Chinese retail investors increase gold buying as Western funds pull back
https://www.bullionvault.com/gold-news/gold-price-news/gold-silver-china-etfs-102720261
The latest report describes surging retail gold-investment demand in China even as Western gold-backed ETFs shrink. Chinese investors are buying into weakness while some Western investors are cashing out. That divergence suggests the selloff is not being driven by every investor group abandoning gold at once. However, Chinese retail buying alone cannot offset unlimited selling elsewhere.