From Commodity Universe:
Gold ETPs saw the strongest inflows of any commodity ETP besides silver in February and March, with inflows of $322mn and $536mn respectively. Large outflows in January ($946mn), however, meant that for the full quarter there were in fact $88mn of outflows.
Silver saw the largest inflows of any commodity ETP group during the quarter, $354 net purchases, as investors looked to the metal as a leveraged play on improved sentiment towards gold. Silver was one of the few commodity ETPs to see inflows in every month of the first quarter, following on strong inflows in 2013. It appears that investors view the silver price around the $20/oz level as a good entry point (less than half its 2011 peak) and with silver often viewed as a high beta version of gold, improved sentiment towards the gold price is causing investors to build positions in silver ETPs.
Forbes has more details. And this could lead to more upside for gold.