Investors are piling into gold and silver like never before: Total holdings in gold ETFs hit a record 2,905 tonnes in August. The stockpile has risen by ~310 tonnes year-to-date. At the same time, total holdings in silver ETFs reached a record 25,044 tonnes. Silver ETF holdings have risen for 7 straight months, up ~3,000 tonnes over that period. Additionally, lease rates, the cost of borrowing silver, remain elevated at ~2%, far above the normal near-zero level. Demand for gold and silver is still surging.(The Kobeissi Letter)