BREAKING: The largest US gold-backed ETF, GLD, posted a record -$3.0 billion outflow on Wednesday. This surpasses any previous large daily outflow seen over the last 2 years by +200%. At the same time, silver ETFs recorded small outflows, while Bitcoin ETFs saw modest inflows. This came a day after gold prices dropped -4.4%, the biggest daily decline since the January 30th crash of -11.4%. This all follows global gold ETFs pulling in +$5.3 billion in February and +$18.7 billion in January, marking the 9th straight month of inflows and the best 2-month start to a year on record. Gold investors are locking in gains after a historic rally.(The Kobeissi Letter)