Wonder if Bank of America, page-9

I'll take a stab at answering this

Short answer - it depends. (e.g., on the response of reserve bank and fiscal authorities to these events)

Generally, gold does well in an inflationary environment IF economic growth is weak.

On the other hand, gold tends to perform very poorly during periods of a systemic economic crisis (its always the first thing to be sold to meet margin calls)

So - to answer your question - if there was a sudden economic collapse (i.e., equity market sell-off) gold would be smashed for the initial period (e.g., Feb 2020 COVID sell-off).

But if this crisis then evolved into a decade-long economic depression, with rampant inflation, high unemployment and low wages growth etc, GDX would rocket

As for the Ukraine thing. Idk. Gold often catches a bid for a day or two when these geopolitical things kick off. But its very fleeting and rarely lasts for more than a day or two

Just my 2c