Global gold ETFs saw a net outflow of US$8.9 billion in June, with North America leading the way with an outflow of US$5.5 billion. Asia unexpectedly outflowed US$2.3 billion, setting the largest single-month record in history. However, the cumulative net inflow in the first half of the year was still US$8 billion, and Asia contributed US$12 billion, the best first half of the year. COMEX gold net long bucked the trend and increased by 16% to 538 tons, while institutional positions stabilized and retail investors withdrew. The short-term hawkish policy suppresses gold prices, while the logic of long-term de-dollarization and central bank gold purchases remains unchanged. The callback provides a window for layout.