Gold ETFs took in $18B and 121 tonnes in August — the second-largest month on record. Total holdings hit 4,189 tonnes, an all-time high, with AUM at $615B. The genuinely odd part: Europe out-bought North America, at +$7.9B against +$7.7B, its largest month ever. UK +$4.4B, France +$1.5B, both records.