Gold Rebounds from a Three-Month Low Despite a Higher Dollar

Dollar strength knocked gold down but the bounce tells you everything about underlying demand. We've seen this dance before - paper markets get spooked by currency moves while physical flows tell a different story. Central banks added another 60 tons in October according to the latest data. That's real metal leaving the system. COMEX registered inventory is still sitting near multi-year lows. These technical dips don't change the fundamental picture. The dollar rally won't last forever, but gold's monetary role is permanent. Stack the dip.