Investors are still piling into gold funds at a record pace: Gold holdings in the largest physical gold-backed ETF, GLD, are up to 34.9 million troy ounces, the highest since May 2022. Since June 2024, gold holdings in the fund have increased +8 million troy ounces, or +30%. By comparison, the 2020 high and 2012 peak were 40.9 million and 43.4 million, respectively. Meanwhile, ETFs of gold and other precious metals attracted +$4.39 billion in inflows in January, posting their 8th consecutive monthly intake. Furthermore, investors have invested a net +$3.62 billion in gold miner ETFs, the most since at least 2009. Demand for gold investments remains robust.(The Kobeissi Letter)