The recent inflows to GLD whittle the ETF’s fourth-quarter outflows to just over $660 million, still among the top 10 for all ETFs this quarter. Year-to-date, GLD and IAU have added about $2.2 billion in new capital on a combined basis.

Tax reform along with other government initiatives coupled with higher interest rates and a stronger dollar are among the factors that could hamper potential upside for gold. The Trump Administration’s tax reform effort is widely seen as the major near-term catalyst for equities, meaning that passage of the initiative could encourage increased risk appetite while weighing on safe have assets like gold.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.