Chinese gold-backed exchange-traded funds (ETFs) have experienced record inflows of approximately 40 billion yuan (around $5.5 billion) in April, reflecting heightened bullish sentiment among Chinese investors amid economic uncertainty and geopolitical tensions. Globally, gold funds have seen net inflows of about $8 billion over the past week, nearly triple the previous record set during the 2020 crisis, signaling diminished trust in the current financial system. Meanwhile, the SPDR Gold Shares ETF ($GLD) recorded a $1.3 billion outflow on Tuesday, marking its largest single-day outflow in nearly 15 years, following a record daily inflow of approximately $1.9 billion the previous week. On the equity front, U.S. equity funds have attracted a record $156 billion in net inflows year-to-date, tripling last year's total and surpassing the previous peak of $154 billion set in 2021. Retail investors have driven much of this activity, purchasing over $120 billion in U.S. stock ETFs so far this year, especially after the market drop in March, while institutional investors have sold nearly $30 billion. Leveraged equity funds globally have also seen record inflows of about $14 billion over the past two weeks, with over half directed into U.S. leveraged long ETFs. Notably, U.S. leveraged long ETFs posted a record $6.6 billion in net inflows last week, including $2.3 billion into the 3x leveraged Nasdaq 100 long ETF.