Gold and oil are quiet … too quiet

Gold and oil prices have remained dormant despite ongoing conflict in the Middle East and growing tensions between Russia and the West. It looks like neither commodity is a reliable way to trade global tensions anymore.

When gold hit $US850 an ounce in January 1980, it was established firmly as the key geopolitical safe haven for investors.

The Soviet Union had invaded Afghanistan and the Iranian hostage crisis was nearing its denouement. In other words, investors were worried about both Russia and the Middle East and that, supposedly, was why the gold price spiked.

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