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The budget line that emptied a vault.

Modi asked 1.4 billion people to stop buying. They won't.

Warsh just inherited the same conditions Burns faced in 1970.

They replaced less than a third of what they pulled out.

Every melted bar shrinks the pool backing your paper contract.

Ownership without possession turned out to be neither.

The old playbook died on a balance sheet.

Seven months of spending, then the tool is gone forever.

Warsaw built a sovereign exit one monthly purchase at a time.

They're now on the other side of the trade.

The fix tells you more than the problem did.

$3.8 trillion in metal against $3.5 trillion in bonds.