BREAKING: Physical gold-backed ETFs attracted +5.1 tonnes in inflows last week, the largest weekly inflow since mid-April. In Dollar terms, investors bought +$1.1 billion, also the highest since mid-April. This follows 4 consecutive weekly outflows, totaling -58.2 tonnes, or -$7.6 billion. This brings the total gold ETF holdings up to 4,086.3 tonnes, in-line with mid-January levels. By comparison, the all-time high was set in the last week of February, at 4,176.1 tonnes. At last week's gold prices, this stands at $549.1 billion, 22% below the record $701.7 billion. Gold ETF holdings are showing the first signs of a recovery.(The Kobeissi Letter)