Amid the best 4-day gains in gold prices since January, Gold ETFs have seen a surge in holdings in the last 2 days. The 412,000 try ounce increase in physical holdings at GLD is the largest in 9 months and lifts the total to 3 month highs at 22.5 million troy ounces (or 700 metric tons).

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The last time we saw holdings surge like this, gold prices rose over 12%.

Charts: Bloomberg