· gold · silver · bullion · macro
Bullion still has room, and nobody's talking about it
Gold and silver are quietly grinding higher while everyone argues about tech earnings. The setup looks familiar.
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Mario's take
I keep saying it: bullion is the trade that doesn't need a headline to work. It just keeps grinding while the timeline argues about earnings. That's the kind of move I respect more than a vertical run — it leaves room.
The ingredient list is still there
- Central banks are still net buyers, and they didn't stop through the last leg up. That's the steadiest bid in the market.
- Real yields haven't ripped against the metal, which is usually the only thing that breaks a bull leg in gold.
- Retail is parked in cash and large-cap tech, not metals. Sentiment is a contrary indicator and it's not crowded here.
- Silver lagged gold by 18% over the last year — historically that gap closes, not the other way around.
How I'm positioned
- 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.
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Not financial advice. Do your own research.