Metals

Geology does not respond to demand signals.

Now they're buying it back 30 kilograms at a time.

The gap has widened every year since, and the reason isn't geological.

The demand model broke trying to count them.

Buybacks jumped 252% while exploration hit a record low.

And someone just opened new vault doors on the other side of the world.

The vault held. The budget broke it open.

No Italian auditor has set foot inside that vault.

The banks that controlled it now straddle both systems.

Turkey burned through $26 billion in cash before touching a single bar.

The fastest-growing source has the worst data.

The biggest miners on earth can't agree on what happens next.