⚠️CHART OF THE WEEK: Investors continue piling into gold

Gold fund net inflows are on track for a new record while China has never been buying more

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Bank of America estimates that gold funds are on track for a record $85 billion in net inflows.

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Reverse engineering this math, we could conclude that gold funds have attracted nearly $33 billion so far this year, or $7.1 billion a month on average.

By comparison, gold funds have seen ~$40 billion in inflows in 2020.

Meanwhile, Chinese gold ETFs added a record 65 tonnes of gold worth $6.8 billion in April.

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