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The Real Reason Gold Is Down During an Oil War 

American Gold Eagle coin resting on a printed chart showing a declining gold price during the Iran War

Gold is down 10% since the Iran War began — while oil is up nearly 60%. If gold is an inflation hedge, why is it falling during an inflation shock? The answer comes down to one distinction most investors miss: paper gold and physical gold are not the same thing, and they don’t respond to the same forces.

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