India has experienced an unusual surge in gold and silver imports this year, as they are traditionally known as a price-sensitive buyer, yet have seen elevated levels of purchasing even as the prices were at or near all-time highs.

Gold is consolidating high again, prolonging its remarkable monster bull. Since rocketing into extreme overboughtness in mid-October, gold has largely been drifting sideways on balance.

Investors shift from high-growth tech to cyclicals, industrials, and smaller-cap stocks.

The old macro was structurally in favor of those who sold, bought, traded and owned claims on… paper. The new macro is in favor of those who own real things, unleveraged by debt.