BREAKING: Global physical gold-backed ETFs posted +$3.0 billion in inflows in July, the largest monthly intake since April. This pushed global gold ETF holdings up +23 tonnes, to 4,068 tonnes, just below the all-time high of 4,176 tonnes posted on February 27th. European funds led, at +$2.1 billion, followed by Asia, at +$600 million, and North America, at +$71 million. This follows -$2 billion and -$9 billion in monthly outflows in May and June, respectively. Year-to-date, global gold ETFs have attracted +$11.0 billion in inflows. Global gold demand is rapidly recovering.(The Kobeissi Letter)