Global gold ETFs are now only about 108 tonnes below their all-time record holdings.
The record was roughly 4,176 tonnes in February, compared with around 4,068 tonnes at the end of July.
That gap suddenly doesn’t look very large.
What makes this worth watching is the recent return of strong inflows. If August continues in the same direction, gold ETFs could move back toward record physical holdings surprisingly quickly.
I don’t view ETF demand the same way as direct ownership of physical gold, but the flow still matters. When physically backed funds attract new capital, they can become another meaningful source of bullion demand alongside central banks and private investors.
And after a period when ETF demand was far less impressive, that part of the gold market is starting to wake up again.
Only 108 tonnes separate current holdings from the record.
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