Gold, Silver Prices Tumble Again. One Thing's Wreaking Havoc on Precious Metals. - Barron's

The usual suspects are pointing fingers at dollar strength or rate fears, but here's what they're missing. COMEX registered gold sits near historic lows while central banks keep buying hand over fist. This selloff is pure paper manipulation - the futures market tail wagging the physical dog. I've seen this movie before in 2008, 2011, and 2020. Every major dip gets bought by smart money who understand the fundamentals haven't changed. The debt ceiling circus, banking stress, and currency debasement don't disappear because some algorithms dumped contracts overnight. Physical premiums are holding steady, which tells you everything about real demand. Stack the dip.