Gold Bearish Trend Resumes Below $4,620 As Stagflation And Oil Strength Weigh

The narrative around stagflation being bearish for gold shows how disconnected paper traders are from reality. Stagflation is literally the perfect storm for precious metals - rising prices with stagnant growth forces central banks into impossible choices. They can't raise rates aggressively without breaking the economy, so they'll choose inflation over deflation every time. Oil strength? That's inflationary pressure building in the system. The COMEX registered gold inventory sits near multi-year lows while central banks bought over 800 tonnes last quarter. Physical demand from Asia remains relentless. These paper price dips below technical levels are gifts for stackers who understand that real money doesn't care about chart patterns when currency debasement accelerates.