Western investors have finally embraced gold
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According to the latest weekly data from Bank of America, in the past week, funds flowing into gold funds reached a record $8 billion (Figure 1), surpassing the $7.9 billion flowing into stock funds, while cryptocurrency funds saw an outflow of $300 million, bond funds experienced an outflow of $20.1 billion, and money market funds had an outflow of as much as $72.4 billion (the highest level since January 2025). After years of neglecting gold, the holdings of U.S. gold ETFs (Figure 2 black line) have also started to rise
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