77-year-old jewelry giant will close 100 stores, shut 2 brands

This divergence tells the real story. Gold is pricing out the jewelry trade while industrial and investment demand stays strong. When retail jewelry chains can't move product at these levels, it signals we're in a different phase of the bull market. The smart money isn't buying wedding rings anymore. They're buying bullion. Physical gold demand from central banks and sovereign wealth funds doesn't care about jewelry store margins. These closures actually reduce fabrication demand, potentially freeing up more metal for the investment market. The jewelry premium used to be where dealers made their money. Now the metal itself is the story.