Gold prices surged on June 2, 2025, with the metal rising as much as $94—its highest level since May 7—and posting gains of up to 2.7% during the session. Gold funds are on track for $75 billion in inflows this year, the largest annual inflow in history. Gold was also reported up $80 and 1.8% at various points during the day, with $GLD up 2.5%. Silver experienced significant gains, climbing over 5% to trade above $34.25, its best day of the year, and reaching its highest level since early April. Silver was also up 2.5% and $33.80 during the session, with $SLV up 5.3% and implied volatility (IV30) up 14%. Mining stocks saw strong performance, with gold miner ETFs such as GDX and GDXJ up over 5%, hitting new 12-year highs, GDX posting a fresh decade-high with a 6% gain, and $GDXU also performing strongly. Japanese equity funds recorded a historic $11.8 billion in net outflows last week, bringing the four-week moving average of outflows to $4.0 billion, both all-time highs. These outflows were driven by investor concerns over rapidly rising long-dated Japanese government bond yields, with the 10-year yield reaching 1.51% on June 2, 2025. Despite the outflows from equity funds, Japanese exchange-traded funds (ETFs) reached a new record for assets, with inflows since the start of the year totaling approximately $15 billion, according to ETFGI. Foreign inflows to US equity funds are annualizing $138 billion, but US equity funds experienced a $5.1 billion outflow last week. Global equity funds saw a net outflow of $9.5 billion in the past week, the highest level so far this year.