Gold's Missing Haven Bid

Gold printed its all-time high a month before the Iran war opened. Eight weeks in, it's down 14%. The tape is telling a story about who actually owned the rally — and where that money is going next.

Gold printed its all-time high of **$5,594.82 on 29 January** — a full month *before* US–Israeli strikes on Iran opened the current conflict. Eight weeks into a shooting war that should have been the safe-haven trade of the decade, spot gold trades near **$4,796**, roughly 14% below that January peak, with the Strait of Hormuz closed, oil back above $10…