Gold just posted its first weekly decline in five weeks and nobody is connecting the dots

gold was supposed to be the war hedge. instead its down almost 3% this week while brent crude ripped 18% higher. the mechanism is straightforward but people arent seeing it. oil above 100 is fueling inflation, inflation expectations are pushing rate cut timelines out to late 2026 at earliest, the dollar is strengthening because US energy independence looks relatively better than europe or asia, and higher rates kill golds appeal since it pays no yield. the war premium that was supposed to boost gold is the exact thing creating the conditions that crush it. spot is at 4683 today, first weekly decline after four straight green weeks. meanwhile consumer sentiment is at all time lows and the fed is paralyzed between cutting into a recession and holding into an energy shock. the thing everyone assumed would protect their portfolio is getting eaten from the inside by the crisis it was supposed to hedge