Markets are forward looking and not reactive unless surprised....

Markets are forward looking and not reactive unless surprised. The Ukraine crisis is not what we heard yesterday, it has been around for months. If there was an eminent threat of war, gold should have moved by now not wait for the 1st tank to pass that border to react.

I agree that Feds put themselves in this position with their pandemic strategy in order to prop up the only markets that matters psychologically during the lock downs and multiple infection spikes disrupting the state of the economy in the recent past.

I sure wasn't expecting the local XGD to sell off so aggressively today, could be the baby-bathwater syndrom. IF so, when the fear subside usually driven by no more selling in US markets, it could be like the post pandemic crash opportunity again?

Not gold but Bitcoin gave the best opportunities in the past 2 years provide people don't HODL. Gold went nowhere since that post stock crash in 2020, I didn't make it up. Have a look at the weekly gold chart. Compare that to oil, was expected to be low but actually recovered strongly. Even comparing against stock indices, gold is still at the starting block. Fact, just flip the LT charts. No good going back 20-30 years, not objective.