Retail investors are piling into gold and silver funds at an accelerating pace: Individual investors posted a +$95 million net inflow in the largest gold ETF, GLD, on Tuesday, the largest since October 2025. By comparison, the largest daily inflows in 2025 were in October and April, at ~$150 million. Retail investors have net bought GLD for almost every single day in 2026. As a result, retail net inflows are up to ~$370 million YTD. Meanwhile, silver-linked ETFs saw a record $922 million of retail inflows over the last 30 days. The retail rush into precious metals is accelerating.(The Kobeissi Letter)