Many people are flummoxed by gold’s deep correction over the last two weeks. Given there’s a war on, shouldn’t gold be catching a strong safe-haven bid? In fact, the pattern playing out in the gold market isn't out of character. We saw similar dynamics in the early days of the 2008 financial crisis and the pandemic. As I’ve already reported, the historical pattern since the 1980s suggests that, beyond an initial safe-haven bump, a war alone doesn’t seem to significantly impact the trajectory of gold prices. As wars drag on, other factors tend to drive the market – particularly monetary policy. This has proved true so ... (full story)