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

The dollar's recent surge is doing what it always does to paper metals prices. But here's what Barron's won't tell you - COMEX registered gold dropped another 200k ounces last week while deliveries stayed elevated. The disconnect between paper weakness and physical tightness keeps widening. Coin dealers are still paying premiums near recent highs despite spot weakness. Central banks added 800 tons in Q3 alone, completely ignoring this dollar-driven selloff. The gold-silver ratio pushed back above 63, making silver the obvious play here. Physical markets don't care about short-term dollar moves. They care about supply, and supply remains constrained. Stack accordingly.