gold etfs inflows and outflows

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The biggest banking crisis since the Great Financial Crisis of 2008 prompted investors to flee into gold last month, ending ten consecutive months of outflows, according to the latest report from the World Gold Council.

In its monthly ETF report, the WGC said 32 tonnes of precious metal, worth $1.9 billion, flowed in global gold-backed exchange-traded products in March.
...
Looking at regional data, the report said that North American-based funds saw inflows of 12 tonnes last month, worth $806 million. At the same time, European funds saw inflows of 18 tonnes, valued at $927 million. Finally, the Asian ETF market saw inflows of 3 tonnes, worth $203 million.

Although March saw the gold ETF market sharply turn, demand last month wasn't enough to undo a relatively disappointing start to the year. The WGC said that gold-backed ETFs saw net outflows of 28.7 tonnes worth $1.5 billion in the first quarter of 2023.
...

 
Global physically backed gold ETFs1 saw a small outflow of US$920mn in the month, significantly narrower than the previous month.2 Holdings lowered to 3,236t, a 9t decline in November, while total AUM rose by 2% to US$212bn, supported by a meaningful 2% rise in the gold price.3

Regional highlights

North American funds attracted net inflows of US$659mn in November, putting a stop to the region’s five-month losing streak. ...

 
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Since 2022 in- and outflows on one side and gold price on the other side have decoupled.
The expectation More ETFs inflows = more demand = higher price, seems to have no empirical base anymore.
 
So Western ETFs outflows ---> Asian ETFs inflows
I'm shocked :D

Beside, the prophecy says, the end of the days will see gold ETFs net outflows notwithstanding increased investment demand, in order to compensate for supply/demand imbalances.
In other words, those outflows is not investors selling because they think price will go down.
Rather it's metal requested by wholesalers and their customers, manufacturers/producers, that can't find metal anymore on the market.
 
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It looks like GLD has become a major source for physical gold
 
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