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🔎Something about gold's selloff doesn't add up... #GoldFallsTo$4144 Oil is back above $100. Middle East risk is still elevated. Yet gold is getting hammered toward $4,144. Shouldn't those things be pushing investors into gold? Here's where it gets interesting. The market isn't treating this primarily as a “war = safe haven” story anymore. It's treating it as an inflation → rates story. Reuters reports that the jump in oil prices is strengthening expectations that the Fed may keep policy tighter, putting pressure on gold. The chain looks like this: Hormuz risk → oil ↑ → inflation risk ↑ → rate expectations ↑ → yields ↑ → gold ↓ That's the paradox. The geopolitical shock is creating the very inflationary pressure that makes holding a zero-yield asset less attractive. And that's why I'm watching oil and Treasury yields, not just the headlines coming out of the Middle East. If oil stays elevated, the next gold move may have less to do with “safe haven demand” and much more to do with how long the Fed can realistically stay tight. $XAU $XAUT $BZ #GOLD #Macro #CryptoMarket #PAXG