Gold just had its worst week since 1983.

Down -22.8% from its January high of $5,597/oz. That's -$1,276/oz in 53 days.
Last week alone: -11%. On track for the worst month since October 2008.
The "ultimate safe haven" is being destroyed by the same war that was supposed to send it to $6,000. Oil above $100 is driving inflation to 5.2%, forcing the Fed to hold, pushing yields to 4.40%. Gold pays nothing. Bonds now pay everything.
Gold doesn't recover until the Fed cuts. The Fed doesn't cut until oil drops. Oil doesn't drop until the war ends. The war isn't ending.