Is gold setting up for a short squeeze amid the Iran deal? Gold funds posted -$2.3 billion in outflows last week, marking the 4th consecutive weekly outflow. This brings the 4-week average of outflows to -$2.0 billion, the 2nd-largest on record. This is only below the -$3.5 billion 4-week average record seen in February. Meanwhile, the largest US gold-backed ETF, GLD, has seen -$2.2 billion in outflows so far this month, on track for its 4th consecutive monthly withdrawal. Year-to-date, GLD has seen -$8.1 billion in outflows, on track for the first annual withdrawal since 2023. Conditions are ripe for a short squeeze.(The Kobeissi Letter)