Bullion still has room, and nobody's talking about it

• Long physical (won't touch it, don't care about the spread).
• Long miners through GDX and a small basket of producers — sized to handle a 20% drawdown without flinching.
• No leverage, no options. Bullion does its work over months, not minutes.

Still long, still not chasing, still sizing like someone who wants to be around next year.