Has Gold Failed? Why It Keeps Falling While Geopolitical Risk Escalates

Ztrader Research | Premium Macro Essay

The simplest market story says this:

If geopolitical risk rises, gold should rise.

That story is not entirely wrong. It is just incomplete enough to become dangerous, which is usually how bad market narratives survive. Gold is not a button that automatically lights up every time a war headline appears. It is not a sac…