Shuibei’s gold shops are packed, but pricing has become a problem: they sell to you at the SGE price and buy back at the international price. You can figure out the spread yourself. People flooded in on the second day after gold and silver plunged, which shows that bargain hunters are more eager than those trying to sell at the top. Before every Fed decision, the market prices in expectations ahead of time. Whether this catch-up rally has legs depends on whether the sectors move in sync. I hope I’m wrong this time—if I am, it means the market still has room to run. If you’re watching this, keep an eye on it.