Gold struggles amid geopolitical tensions, but Wells Fargo still sees $6,200/oz by year-end - KITCO

When major banks start throwing around numbers like $6,200, they're usually late to the party. The real story isn't geopolitical noise causing temporary weakness. It's the structural shift happening beneath the surface. COMEX registered gold sits at multi-year lows while central banks added another 800 tons through Q3. The Shanghai Gold Exchange premium to London tells you where real demand lives. Physical markets are disconnected from paper price discovery. Wells Fargo's target assumes normal market mechanics, but we're not in normal times. The gold-to-silver ratio at 64:1 suggests silver has more upside leverage when this next leg hits. Stack both metals. This dip won't last.