Gold now trades more than most major financial assets in the world: Average trading volume in gold averaged ~$361 billion per day in 2025, nearly triple the ~$134 billion per day seen in 2021. Gold OTC and exchange volumes rose to $180 billion and $174 billion per day, followed by ETFs at $7 billion. Trading volume in gold now officially exceeds Treasury Bills at $186 billion, the EUR/GBP currency pair at $169 billion, and the Dow Jones Industrial Average at ~$100 billion. By comparison, the top 3 most traded US stocks, Apple, AAPL, Nvidia, NVDA, and Tesla, TSLA, combined averaged ~$26 billion per day in 2025. Gold market activity is surging at a record pace.(The Kobeissi Letter)