This morning, gold surged to $4,557, silver +2.68%.


By now, gold has returned to $4,535, silver at $76.63.
It's not a false breakout. It's real hesitation.
The market did one thing today: tested the risk-averse narrative, found no one following, and pulled back.
VIX is lying low, the US stock market is holding steady, Bitcoin at $77,300 remains unchanged.
No side has enough people willing to bet.
This week's narrative was set in the morning: two stories are fighting, neither has won.
But there's a detail — today, the side that moved first was the risk-averse side.
People buying gold are more eager than those buying stocks.
When will they stop being eager?
Waiting for PCE. Or waiting for someone to hold on no longer.
GLDX-1.01%
VIX2.41%
BTC-1.74%
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