From Safe Haven To Pain Trade: Gold’s $1000 Collapse

The great gold unwind

Gold wasn’t supposed to do this. In the middle of a geopolitical shock, with volatility elevated, the “ultimate hedge” has instead collapsed. What looked like a one-way trade has turned into a forced unwind, exposing just how fragile the narrative really was.

The unwind didn’t happen in isolation - rising rates, shifting liquidity, and crowded positioning all collided at once.