Bullion still has room, and nobody's talking about it

I keep saying it: bullion is the trade that doesn't need a headline to work. Central banks kept buying through the last leg up, real yields haven't ripped against the metal, and retail is still parked in cash and large-cap tech. That's the ingredient list for slow, grinding upside — not a vertical move. I'm still long physical and miners, still not chasing, still sizing like someone who wants to be around next year.