Both metals have pulled back...
Gold trades at $4,052 — down 28% from its January intraday record of $5,589. Silver sits at $58.29, also off more than 52% from its all-time high of $121.62.
Both metals have pulled back. Neither structural case has changed. The silver supply deficit ran for five consecutive confirmed years through 2025 and is on track for a sixth in 2026, with a projected cumulative shortfall of 762 million ounces. The gold-silver ratio sits at roughly 69:1 — historically elevated, meaning silver remains deeply undervalued relative to gold by its own long-run average.
The Hormuz escalation is a short-term disruption. Central banks are still buying gold. Fiscal deficits are still expanding. The monetary system is still doing what it has always done.
Gold’s flat day is not a failure. It is gold doing its job — waiting for the right moment, not reacting to the wrong one. GOLDSILVER.COM
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