[Global gold ETF net inflows hit a record, gold’s short-term trading logic changes] September 15th, global investors’ enthusiasm for allocating gold continues to heat up. Data recently released by the World Gold Council shows that global gold ETF net inflows in August were US$18 billion (approximately RMB 120 billion), setting the second largest single-month inflow in history; positions increased by 121 tons, reaching 4,189 tons, a record high. At the same time, the price of gold entered a high level of shock after a rapid surge, and is currently hovering around $4,300 per ounce. The market's focus has also gradually shifted from safe-haven demand to the Fed's monetary policy expectations. At a time when gold prices are fluctuating at high levels, gold ETFs are experiencing strong capital inflows. Behind this phenomenon, there are both short-term capital chasing factors, and it also reflects the rising concerns of global investors about the macro economy, fiscal conditions, and the monetary and credit system. Although the short-term fluctuations in gold prices have intensified significantly, many industry insiders believe that the long-term allocation value of gold still exists.