BC-Gold Futures

March 25 COMEX pricing tells us nothing about physical demand or delivery stress. What matters is the growing disconnect between paper and physical markets. COMEX registered gold sits near multi-year lows while eligible inventory gets shuffled around by the same players. Real stackers focus on coin premiums, dealer inventory, and mint capacity. The futures market exists to suppress price discovery, not reflect true metal scarcity. When COMEX struggles to deliver against March contracts, that's when paper pricing becomes irrelevant. Until then, use any weakness to add weight.