Gold markets are rewriting history: Assets under management (AUM) in the largest US gold-backed ETF, GLD, are up to $181 billion, near the highest on record. The AUM in GLD has DOUBLED in less than a year. Over the last 8 years, the value of the fund’s assets has surged +503%. Furthermore, gold holdings in GLD are up to 1,098 tonnes, the highest since April 2022 and the 2nd-highest since February 2021. Gold holdings have increased +274 tonnes since March 2024. By comparison, the all-time high set in December 2012 was 1,351 tonnes. Demand for gold investments is still unprecedented.(The Kobeissi Letter)