Global gold funds are showing the first signs of recovery since the Iran war began: World gold-backed ETFs posted +9 tonnes of gold inflows in the week ending April 3rd, the highest since the last week of February. This comes after 4 consecutive weekly outflows of -88 tonnes following the outbreak of the Iran war. The largest US gold-backed ETF, GLD, alone added 7 tonnes last week, bringing total holdings to 1,054 tonnes, the highest since March 20th. GLD's holdings are still -47 tonnes below the early March peak of 1,101 tonnes, which marked the highest level since April 2022. Meanwhile, holdings in the silver-backed ETF, SLV, fell -24 tonnes over the last week, to 15,264 tonnes, near the lowest since November. Investors are rotating back into precious metals.(The Kobeissi Letter)