Why is gold falling during a war — right into a Fed week?
Gold is doing the exact opposite of what the textbook promises. There's a shooting war in the Gulf, tankers are ablaze in the Red Sea, and Brent just jumped about 7% back above $100 — the kind of backdrop that's supposed to send gold flying. Instead it's pinned near $4,028 , clinging to the $4,000 line and down roughly 28% from January's ~$5,600 record . So why is the classic safe haven falling? Because the market isn't trading this oil spike as a fear event — it's trading it as an inflation event. Higher crude feeds straight into headline inflation, and under Fed Chair Kevin Warsh the message has been blunt: inflation gets answered with high…








