BREAKING: Global physical gold-backed ETFs attracted +$17.9 billion in inflows in August, the 2nd-largest monthly intake on record. This pushed global gold ETF holdings up +121 tonnes, to a record 4,189 tonnes. At the same time, total assets under management rose +16% MoM, to $615 billion, their highest level since February. Europe led last month’s purchases at +$7.9 billion, its biggest monthly inflow on record, followed by North America at +$7.7 billion, and Asia at +$2 billion. Within Europe, the UK posted +$4.4 billion in inflows, its 2nd-largest monthly inflow on record, followed by France at +$1.5 billion, its biggest monthly intake on record. Year-to-date, global gold ETFs have attracted +$29 billion in inflows, equivalent to a +160 tonne increase in gold holdings. Gold demand is remarkably strong.(The Kobeissi Letter)