BREAKING: US gold-backed ETF holdings fell -30 tonnes this week, to 3,077 tonnes, marking the 3rd consecutive weekly decline. Over the last 3 weeks, holdings have dropped -62 tonnes, erasing all gains since the start of 2026. Meanwhile, the largest gold-backed ETF, GLD, has seen -$6.3 billion in outflows so far in March, the most in a single month since 2013, on track for the 2nd-largest on record. Overall, gold funds posted -$4.5 billion in outflows in the week ending March 18th, the largest weekly withdrawal since October. This sent gold prices -10.3% lower this week, the largest weekly decline since 1983. After months of record inflows, gold ETFs are now seeing the sharpest reversal in years.(The Kobeissi Letter)