Gold broke down this morning below $1800, losing its modest gains for the year (but still outperforming bonds, stocks, and crypto YTD). This move comes amid geopolitical chaos, monetary policy uncertainty (rate-cut expectations soaring), and recession fears growing. {chart} Nevertheless, Baupost's Seth Klarman said in his latest note to investors that: "I'm a fan of gold. I think gold's valuable in a crisis." And we suspect few believe we are not in crisis currently. So why has gold been hammered, and what happens next? Goldman's Mikhail Sprogis and his commodities research team believe a 'wealth shock' has subdued ... (full story)