By Alejandro A. Tagliavini

The US president is, quite literally, throwing the world into disarray to the point that the traditional safe-haven asset, gold, has gone from significant gains to double-digit weekly declines. From a peak exceeding $5,600 per troy ounce towards the end of January of this year, it has fallen by more than 20 percent, the most abrupt—and unimaginable—drop in its history.

As the Greek philosophers said, violence—whose monopoly is claimed by states, creators of wars and all kinds of conflicts—is always contrary to the natural, spontaneous order of the cosmos and, therefore, disruptive.

Trump began by complicating the entire global economy with his tariffs, which his supporters defined as a “geopolitical strategy.” But even if this were true, it’s a strategy like spitting in the wind, since the tariffs are a tax on its own citizens and directly and primarily harm them.

And now there’s the war with Iran, which he is obviously losing, to the point that he has just stated that the Strait of Hormuz will be governed by him and the Ayatollah, thus consolidating the authority of the criminal regime in Iran.

Given this situation, it is frankly impossible today to try to predict the outcome of any investment anywhere in the world.

But be careful, despite the tactical weakness, the context of high debt, inflation, and low real benchmark interest rates continues to support gold in the medium and long term as the ultimate safe haven, as can be seen in the following chart, which shows its unbeatable performance beyond the current situation:

In the context of high geopolitical tension, the weakness of gold may seem counterintuitive. But the market........

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