Editorial companion

What stands out

Gold has pulled back from recent record highs, but Joe Cavatoni walks through why resilience, not a one-time spike, remains the defining theme for the metal. He breaks down the supply and demand plumbing, explains how sustained central bank buying alters the floor under prices, and shows how investor appetite has shifted from speculative momentum to more strategic holdings. For anyone with a gold allocation, his framing turns headline noise into a checklist of where real support is coming from.