US PMIs Signal Stagflation Fears Accelerating As War Started

Stagflation is the precious metals playbook unfolding in real time. Weak PMIs signal economic contraction while war premiums drive inflation higher. This is exactly the environment where gold and silver historically outperform everything else. Central banks are already buying record amounts of gold precisely because they see this setup coming. The COMEX registered silver inventories remain tight while industrial demand stays strong despite manufacturing weakness. When the Fed eventually pivots from their hawkish stance due to recession fears, metals will already be positioned for the next leg higher. Stack while the market still thinks this is temporary.