Safe-Haven Demand reading: 18 out of 100. Geopolitical Risk score: -7. Both from this week. Both from the same gauge. If gold will not bid like a haven when American destroyers are exchanging fire with Iranian forces in the Strait of Hormuz and Maersk needs Navy escorts to extract its own ships … when does it bid?

Two answers. Either the market is correctly pricing a near-term resolution (possible, not my read). Or the safe-haven mechanism that protected risk parity portfolios for two decades has been quietly broken by central bank balance sheets, politicized Treasury holdings, and the crowding-out of private flows by official-sector gold buying.

The portfolio implication is significant. Full briefing linked below…

Where do you sit on this?