Spot, not futures, spot.
From Barron's Focus on Funds:
Gold Prices Ripe for ‘Mega Short Squeeze,’ Fund Manager Says
Defensive buying has launched gold prices and exchange-traded funds to a strong starts in 2016. Have the fund sellers finally had enough?
Gold futures and the SPDR Gold Shares (GLD) are both up by about 2.5% so far this year (though both are slightly lower in Monday trading). Money is starting to flow back into gold ETFs, however incrementally. Nikolaos Panigirtzoglou at J.P. Morgan notes that gold ETFs took in about $900,000 during the week ended Jan. 13, the most recent week available. For the sake of comparison: Some $3.6 billion was pulled from gold ETFs last year, representing about 7.4% of total assets under management..
John Hathaway, manager of the $842 million Tocqueville Gold Fund (TGLDX), which owns precious metal stocks, says that gold bears could wind up with egg on their faces should the years-long trend of pulling money out reverse in earnest. He explains (or read the whole 7,000-word treatise here):
While gold prices have been firm so far in 2016, the same cannot be said for shares of gold miners.......MORE
Do note the thousand dollar level marks the next natural line to stop the decline where the resistance of 2008-2009 turns into support.