Gold Declines as US and Iran Offer Divergent Routes to End War

Markets are overreacting to diplomatic theater between the US and Iran. Gold's pullback on conflicting statements shows how much speculative froth built up during the recent rally. The real drivers haven't changed - central banks added another 60 tons in September, COMEX registered gold sits near multi-year lows, and the Fed's easing cycle is just getting started. Geopolitical premiums come and go, but monetary debasement is permanent. This dip gives stackers a chance to add before the next leg higher. Physical demand from Asia remains robust while Western paper markets get distracted by headlines.