$SPDR Gold Shares(GLD.US)

Gold's recent performance has been surprisingly weak, failing to act as a hedge even during geopolitical shocks, contrary to expectations. I believe this is mainly the result of two factors working together:

First, a reversal in sentiment among the 'fast money' crowd (who had previously flocked to gold when it took over the upward momentum from Bitcoin);

Second, the narrative mentioned earlier—for countries facing production bottlenecks in the Middle East, gold and U.S. Treasuries have become a source of liquidity.

This also explains why gold's price movement has shown correlation with U.S. Treasuries during the decline, while Bitcoin has begun to decouple from the sell-off. For me, at current levels, GLD is still worth accumulating gradually because its long-term trend remains upward.