Chinese and North American gold investors have reacted differently to the Iran war: North American gold ETF holdings fell -2.0 million ounces in March, to the lowest level this year. Over the same period, Chinese gold ETFs added +500,000 ounces, to ~10.0 million, near the highest this year. Since the start of 2026, Chinese gold ETF holdings are up nearly +2.0 million ounces. At the same time, North American gold ETFs are down -1.0 million ounces, as early-year gains were wiped out by March outflows. Chinese investors are buying the dip in gold funds.(The Kobeissi Letter)