Indian investors are rushing into gold at an unprecedented pace: Gold ETF inflows in India are up to ~250 billion rupees, an all-time high. As a result, inflows into gold funds have surpassed equity mutual fund inflows for the first time. This comes as gold ETF inflows have risen more than +900% since July. Over the same period, equity fund inflows have declined -170 billion rupees. As the world's 2nd-largest gold consumer and one of its biggest importers, India's shift toward gold ETFs marks a fundamental change in how its investors are allocating their capital. Indian retail investors are choosing gold over equities.(The Kobeissi Letter)