The World Gold Council's 2Q report had one big chart showing a big stampede out of ETFs.
Over 400 tonnes of gold flowed out of ETFs as the prospects for the US economy brightened, and the end of the Fed's quantitative easing program became more real.
The move out of gold was enough to dampen gold demand by 856 tonnes (US$39 billion), down 12% compared with Q2 2012.
But lower prices saw an equally big pick up by physical gold investors, especially in Asia, who snapped up gold bars and coins.
"The consumer market for gold was once again dominated by global leaders India and China, which together accounted for almost 60% of the global jewellery sector and around half of total bar and coin demand," writes the authors of the World Gold Council report.
"On a year-to-date basis, total consumer demand (for jewellery, bars and coins) in each country is almost 50% ahead of the same period in 2012.
The World Gold Council warns that gold may have difficulty maintaining this momentum going forward.
"Bar and coin demand may struggle to maintain the exceptional levels of the past quarter, however it has solid underpinnings – most notably in the Asian markets."