Iran Deal. Oil Falling. A PM Out. Gold Still Above $4,100.

Oil falling, a PM resigning, a DXY at 13-month highs — and gold refusing to break. Five stories today, one thread.

Goldman Just Changed Its Model. Should You Change Yours?

The Goldman Sachs gold cut explained: it’s a valid model output, not a verdict on gold. Here’s how to determine whether Goldman’s framework is your framework, and what data you should actually be watching.

Gold Is Down 25%. Morgan Stanley Says One Number Unlocks $5,200.

Gold hit $5,589 in January. Today it’s at $4,177. Morgan Stanley says the structural case for $5,200 is intact — but one specific buyer type hasn’t shown up yet. Here’s the chain that explains why, and what turns it back on.

PCE Drops Thursday. Here’s What It Means for Gold.

The Fed doesn’t watch CPI. It watches PCE — and the May reading drops Thursday, June 25. Here’s the mechanism linking this one number to gold prices, rate-hike odds, and what long-term holders need to understand before the week is out.

Goldman Cut Its Gold Target. JPMorgan Didn’t. Here’s What the $1,400 Gap Tells You.

Goldman Sachs just cut its year-end gold forecast to $4,900. JPMorgan didn’t move. Neither did Wells Fargo. The $1,400 divergence between the biggest bulls and the biggest skeptic tells you exactly what each bank thinks gold actually is, and why it matters for how you hold it.