Gold SWOT: Tether emerges as a new gold buyer as palladium leads weekly gains

Palladium was the top-performing precious metal this week, rising 3.27%. Palladium-backed ETFs reported an inflow of 4,411 troy ounces in the latest session. The move diverged from gold, which logged its eighth straight day of ETF outflows. Silver ETF holdings were cited at about 785.6 million troy ounces, valued at roughly $53.37 billion. Scotia said Tether has surfaced as a new buyer in the gold market, adding to demand adjacent to the official sector. Tether bought six tons of gold in Q1 2026, down from 27 tons in Q4 2025. Its gold reserves are described as equivalent to 132 tons. Including Tether's XAUT gold token holdings (22 tons), total gold exposure is estimated at 154 tons, which would place Tether among the top 20 official holders. Full commentary by @bulldogholmes at Kitco: