Something’s happened to gold and it isn’t good. Gold has traditionally been a safe haven asset, which means it’s been a good place to hide when other assets plummet. That hasn’t been true in the past six weeks of war. Gold is down ten percent, which is far more than the S&P 500 that’s down less than one percent. You’re not much of a risk hedge if you sell off harder than the S&P 500 in a bad shock. You’re the opposite. Gold is behaving like a high-beta asset that amplifies sell-offs. There’s different theories about what’s happened. The first is that emerging market (EM) central banks sold gold holdings during ... (full story)