Jefferies Flags 12% Gold ETF Inflows and Cuts Steve Madden FY26 Growth 5%
Jefferies reported a 12% rise in gold ETF inflows, adding $3.2 billion in late January—the largest monthly gain since July 2020. The firm also cut its FY26 growth forecast for Steve Madden by 5%, citing 200 bp of wholesale margin compression and spring shipment delays.
1. Unusual Gold Accumulation Highlighted
Jefferies noted gold ETF holdings rose 12% in late January, adding $3.2 billion in new inflows—the strongest monthly gain since July 2020. The firm linked the surge to hedge funds boosting safe-haven positions in response to growing geopolitical uncertainties.
2. Steve Madden Growth Outlook Downgraded
Jefferies analysts cut Steve Madden’s FY26 revenue growth projection by 5% to 4%, citing 200 basis points of wholesale margin compression and spring shipment delays. The downgrade follows weaker orders from department store partners and intensifying competitive pressure.