The question itself is very ironic. Since when is gold a risky asset? For the past 5000 years, people have been buying and storing it. So that in times of wars, natural disasters, inflation, etc., to preserve their savings.
However, over the past decade, something went wrong. Gold started to move along with risky assets. A financial crisis? Stocks, cryptocurrencies and gold fall. Pandemic? Same thing. Rising inflation? Gold doesn't want to rise again.
But on the night Iran attacked Israel with missiles and drones, everything finally fell into place. All risk assets collapsed. This was especially noticeable in the cryptocurrency market. However, gold went the other way. It started to rise to new all-time highs.
This is a major paradigm shift. The rules of the game have changed. And gold returns to its historical function - to grow when all risky assets are declining. Or are sold off in panic at any price.
What does that tell us? Perhaps the next decade will bring no more big drawdowns in the gold market. Any dips will be bought back. And rising tensions in geopolitics + problems with the U.S. government debt will be an additional growth driver.
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