BREAKING: Gold funds posted a record -7.5 billion in net outflows last week as investors took profits following gold's historic rally. This came after a record +8.5 billion inflow in the prior week. Overall, gold funds attracted a massive +59 billion over the prior 4-month period. Still, in Q3 2025, ETF gold demand spiked +134% YoY, to +222 tonnes, the 2nd-highest reading since Q1 2021. Year-to-date, ETF demand has reached +619 tonnes, on pace for the strongest year since 2020. Gold flows are swinging at historic magnitudes.(The Kobeissi Letter)