BREAKING: Global gold-backed ETFs posted -38.3 tonnes in outflows last week, the largest weekly outflow since September 2022. This was led by North America, at -23.6 tonnes, followed by Asia, at -8.7 tonnes, and Europe, at -5.9 tonnes. In Dollar terms, these funds posted -$4.7 billion in withdrawals, the largest weekly outflow on record. The largest US gold-backed ETF, GLD, alone saw -$2.0 billion in outflows, the 4th-largest this year. So far in June, GLD has recorded -$3.2 billion in withdrawals, on track for its 2nd-worst month since February 2021, after a record -$8.5 billion in March. Gold market sentiment remains highly volatile.(The Kobeissi Letter)