Gold and silver are having a moment. Prices have pulled back from recent highs, and volatility remains elevated. This is not a statement about where gold or silver will go next. It is simply a description of how I make decisions—and why, based on that process, I am not adding gold or silver at current levels. I Buy Based on Deviation, Not Narratives Gold and silver are often framed around the same set of arguments: inflation, government debt, currency debasement, and geopolitical risk. These narratives are not new. They have existed for decades and resurface whenever prices rise. What changes is not the story, but the distance between price and its long-term trend. When I look at gold and silver today, I do not see assets trading below their historical mean. I see prices that remain above it. Gold and silver are not short-term instruments. Entry price matters. Much of the easy money is...