Gold prices don’t move in a straight line, especially not after a year when metals markets looked more like meme stocks than a hedge.
Over the past couple of weeks, spot gold and spot silver have pulled back sharply from recent highs. On paper, that sounds like a gift to anyone looking to buy gold. In the real world, though, plenty of investors are discovering an annoying twist: the all-in cost for physical metal hasn’t fallen nearly as much as the spot charts imply.
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