• lower rates… eventually.

🔁 Trend Followers Still in Control

• But much of gold’s rally isn’t about headlines — it’s trend-following flows, systematic buying that doesn’t care about daily remembers or forgets.
• Low-rate expectations, geopolitical hedging, and central-bank demand remain the bigger-picture fuel underneath the chart.
• Silver’s (XAG/USD) wild ride proves the point: lower by 1.8% Friday, still up 13% on the week, and gravitating toward speculative excess.