BREAKING: Global physical gold-backed ETFs posted +$6.6 billion in inflows in April. European funds led, at +$3.7 billion, followed by Asia, at +$1.8 billion, and North America, at +$1.0 billion. This marks a sharp recovery from -$12.0 billion in outflows in March, the largest monthly withdrawal on record. Year-to-date, global gold ETFs have attracted +$19.0 billion in inflows. This lifted total assets under management across global gold ETFs by +1% MoM, to $615 billion. At the same time, gold holdings jumped +45 tonnes, to 4,137 tonnes, the 3rd-highest on record. Global gold demand is rapidly recovering.(The Kobeissi Letter)