Gold’s Safe-Haven Status Is Failing Its Biggest Test
Is the dramatic selloff a tectonic shift to underlying assumptions or a reaction to the war in Iran?
Gold isn’t offering much shelter anymore.
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The war in the Middle East has revealed that gold isn’t much of a haven. It’s almost exactly the opposite. The metal has lost about a fifth of its value since it surged to an all-time high in late January. At that point it was buoyed by the belief that the US administration was “debasing” its currency, which peaked when President Donald Trump said he was content to see the dollar move “like a yoyo.”