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Is gold no longer a safe haven asset?
From robinjbrooks.substack.com
On February 27 - the last trading day before fighting erupted in the Gulf - gold was up almost 60 percent from Chair Powell’s dovish Jackson Hole speech last August. The prevailing narrative for why this speech was such a catalyst is because this was the clearest signal yet the Fed would resume rate cuts, even with inflation significantly above target. Many took this to mean the Fed was downgrading its inflation mandate, perhaps due to relentless pressure from the White House to cut rates. In the months that followed, the rally in precious metals became known as the “debasement trade,” with gold seen as a safe ... (full story)