There was a time when I wrote about the debasement trade constantly. But a lot has changed since last year’s massive run-up in precious metals prices and - as I flagged in a series of posts this week - gold has stopped trading like a safe haven asset ever since war with Iran began. It falls when risk aversion spikes and rallies when risk appetite recovers. That’s the opposite of what a safe haven asset should do and - in my view - is a result of the massive run-up in gold prices last year. That run-up sucked in a lot of new buyers who - it turns out - are more skittish than the previous ones. Ironically, the ... (full story)