"The recent “calm” in the gold market has left many observers, and especially the precious metal’s critics, questioning whether the “safe-haven” thesis still stands or whether its time has passed. In the shadow of the ongoing Middle East conflict and the blockade of the Strait of Hormuz, the yellow metal failed to deliver the immediate, parabolic spike that many assumed should accompany a global energy crisis. Instead, we witnessed the opposite, with a correction from the January highs. To the uninitiated, this looks like a failure of gold’s primary purpose. However, a deeper look reveals that this is not a rejection of gold’s fundamentals, but rather a textbook manifestation of the calm before the storm."
https://forumgeopolitica.com/article/why-golds-recent-silence-is-a-flashing-buy-signal