Are gold prices poised for more upside? Based on the historical relationship between gold and global M2 money supply, gold is valued at $5,025 per ounce today, according to Fidelity analysis. This implies +9% upside from the current gold price of ~$4,600. This comes as global M2 money supply grew ~8.5% YoY this month, an increase from the ~7.0% YoY growth seen in June. Furthermore, global gold ETFs have attracted +$18.9 billion in inflows over the last 12 months, the largest trailing 12-month inflow since February. This also marks an improvement from the +$12.0 billion in trailing 12-month inflows recorded in June. Gold markets are heating up.(The Kobeissi Letter)