Both gold and silver ETFs have broken below their 200-dmas.
Other gold and silver stocks are also short candidates as any rally up into areas or break below areas of logical resistance below major moving averages such as CDE, PAAS, WPM, and AG:
Most Probable Path (Next 6–18 months):=Central banks will likely continue buying, but not at the aggressive 2022–2024 pace.
=Buying will probably remain opportunistic especially if gold corrects lower. China in particular tends to buy during price dips.
=We may see a gradual increase rather than a sudden return to record buying.
=We may also see further downside as gold and silver are notorious for long base building periods.
Catalyst for Aggressive Buying:=A new geopolitical shock (e.g., major escalation involving China-Taiwan, Middle East, or new sanctions on a large economy) would likely trigger a fresh wave of aggressive buying.
=A serious debt or banking crisis could also push central banks back into the market strongly.
Odds favor sell for now but keep an eye on global liquidity and central bank buying of gold.
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