It never ceases to amaze how vastly different the investment styles of gold paper vs physical traders are: while we have documented previously how the latter tend to buy progressively more the lower the price, "investors" in paper-derivatives such as ETFs and ETPs are quite the opposite, where only momentum matters. Once a reflexive buying spree is unleashed, paper buying begets even more paper buying. Nowhere is this more evident than in today's daily report of ETF Securities, where "inflows into gold ETPs of US$263mn on Friday 1st July were at their highest since inception."
http://www.zerohedge.com/news/2016-07-04/etf-securities-reports-biggest-one-day-gold-inflow-financial-crisis