Gold's parabolic run through January was never going to end quietly. After pushing to new record highs, this week's sharp pullback is the first real stress test of the 2026 bull market, and for investors, it's the most useful price action we've had in months. The question isn't whether gold pulled back. It's what the pullback exposed. When prices correct, three things get tested simultaneously: sentiment, balance sheets, and valuations. Sentiment is fleeting. Balance sheets are structural. And valuations only mean something if the underlying business can execute. This week separated the companies that are built for ... (full story)