Shocking stat of the day: The largest gold ETF, GLD, posted 12.5 BILLION in volume on Thursday, the 2nd-highest on record. The only other time it reached that level was in 2013. By comparison, during April’s gold rally, daily volume peaked at ~11 billion. Thursday’s volume was also higher than most of the Magnificent 7 stocks. Demand for gold assets is incredibly strong.(The Kobeissi Letter)