Silver and gold ETF trading volumes went parabolic this week: Trading volume in the largest silver-backed ETF, SLV, surpassed a record $40 billion on Friday. Daily volume in the largest gold-backed ETF, GLD, also hit an all-time high of ~$40 billion. Both exceeded the turnover of any other asset, with TSLA, the next highest, at ~$35 billion. This follows Thursday, when GLD and SLV saw $25 billion and $20 billion of volume. As a result, their combined trading volume over the week surged to a record ~$280 billion. This is more than DOUBLE the previous peak seen in October 2025 and more than QUADRUPLE 2020 levels. It was a historic week for precious metals.(The Kobeissi Letter)