Is gold setting up for another leg higher? The largest US Gold ETF, $GLD, recorded net outflows of -$1.9 billion over 21 days ending Wednesday last week, the highest since May. This marked one of the largest withdrawals over the last 5 years. The move also represented the largest reversal in history from the +$9 billion 21-day net inflows seen in September. After a healthy technical correction, gold flows are showing signs of capitulation. We expect more inflows ahead.