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Paper holders were forced out, but the metal stayed put.

Not to another vault. Out of the delivery system entirely.

The metal was real. The exit was gone.

America is funding the metal that displaces its own bonds.

One table changed the reserve math for the first time since 1996.

The Fed still has the weapon. It just can't afford to fire it.

One subtraction explains the entire 12-month rally.

Your grocery bill didn't get the memo.

Seoul bought a ticker symbol. Warsaw built a vault.

The metal moved. The paperwork never caught up.

A generation of savings needed a new place to go.

The system built to track it had no idea.