The market spent years treating gold as a trade.
Central banks treat it as infrastructure.
That distinction explains most of what happened in the last 24 months.
Traders ask: 'Will rates go up or down?'
Central banks ask: 'What asset remains valuable regardless?'
Different question. Different outcome.
Silver right now: record industrial consumption, multi-year supply deficits, price 35% below its high.
In equities, that profile has a name. It is called a 𝘷𝘢𝘭𝘶𝘦 𝘱𝘭𝘢𝘺.
In commodities, the same profile gets called a dead trade.
Markets are not consistent about this. The inconsistency is the opportunity.