BREAKING: Total amount of gold owned by US ETFs linked to physical gold is up to a record 225 billion. Holdings have DOUBLED over the last few years, driven by massive investor inflows and a rise in gold prices. Before the 2020 pandemic, gold holdings were 4.5 times less, at 50 billion. US ETFs linked to physical gold attracted a record 33 billion in net inflows in September alone. Meanwhile, the total assets under management in global gold ETFs rose +23% QoQ in Q3 2025, reaching a record 472 billion. Investors are piling into gold funds like never before.(The Kobeissi Letter)