Trust: Why Gold & Silver Will Keep Ripping

Frames the gold/silver rally as a "trust" trade rather than purely an inflation trade, highlighting central-bank gold buying as a signal of reduced confidence in fiat reserves. Points to sanctions/asset freezes as a catalyst for reserve diversification and altered capital flows—supportive for bullion demand at the sovereign level. Mentions Bitcoin as an alternative “trustless” asset, implying some marginal competition for flows, but overall argues the macro backdrop still favors precious metals. Desk takeaway: supportive narrative for sustained bid in gold (and spillover to silver) on reserve diversification and geopolitical risk premia.