Gold Was Supposed to Win in War and Inflation. Instead, It’s Getting Crushed

Gold is supposed to be one of the first assets investors run to when the world gets dangerous. War in the Middle East, oil supply disruptions, rising inflation fears, and a more hawkish interest rate outlook should, in theory, create a near-perfect backdrop for the precious metal. Instead, gold has done the opposite. It has sold off hard, leaving many investors wondering whether one of the market’s oldest safe-haven trades is starting to fail when it is needed most. That disconnect matters. Gold is not just another commodity. For many investors, central banks, and households around the world, it represents...