BC-Gold Futures

Friday morning prices are just noise without context. What matters is what's happening in the COMEX warehouses and registered inventory levels. At $4532, we're in uncharted territory, but the fundamentals remain rock solid. Central banks aren't slowing their accumulation pace, and physical demand continues outstripping paper games. The gold-silver ratio at these levels suggests silver has serious catching up to do. Physical stackers should focus on delivery months and warehouse stocks rather than intraday price movements. Real money doesn't trade on margin calls.