Is Gold a Safe Haven or a Canary?

Depends on the timing, like most things in life. GLD SPX SPY QQQ

It's a common assumption that gold equates to safety. I do believe in a long-term, low-risk, 'set-it-and-forget-it' strategy to combat inflation, and that accumulating gold in a secure vault for a period of 50+ years is a sound approach, particularly when acquired at a favorable price. However, the narrative that gold should be used as a short-term 'safety rotation' may be flawed.

Here is Gold (Black) vs the S&P 500 (Blue) during the dot-com crash. Gold acted as a safe haven.

---

During the Great Financial Crisis,