The Stack Signal — March 25, 2026

Gold closed at $4506 after a volatile session that saw a 2.8% spike on Middle East peace plan headlines, then gave back most gains as profit-taking kicked in. The real story wasn't the geopolitical noise - it was how physical buyers stepped in aggressively around $4500 support. COMEX registered inventory dropped another 200,000 ounces while GLD crossed $180 billion in assets, showing mainstream fear finally catching up to institutional positioning.

Today's price action confirms what we've been tracking: the three-month correction from $5200 highs created a massive accumulation zone around current levels. Central banks added 31 tons in February alone and never stopped buying during March's 13% pullback. Mining stocks got crushed with SGDM down 21% this month while physical premiums stayed sticky, proving once again why we stack metal, not certificates. The dollar's weakness on peace talk speculation helped gold find its footing, but the underlying monetary dynamics matter more than headlines.

For stackers, this correction has been a gift. Anyone who missed the earlier move from $2000 got another chance to add at reasonable levels. Physical premiums haven't budged much during the paper selloff, telling you dealers aren't panicking about supply. Silver's catch-up rally to $71 compressed the gold-silver ratio to 63:1, finally rewarding patient silver stackers who endured years of underperformance.

Watch overnight for any follow-through on the peace plan headlines, but more importantly, monitor Treasury yields and dollar strength. The technical setup shows gold holding key support while the dollar breaks down - that's the pattern that matters for tomorrow's session.