Earthquake in the safe harbor: The heaviest blow to gold investors in 46 months

Gold’s 26-month bull run ended in October as the metal posted its worst real annualized loss in 46 months, driven by expectations that global inflation is cooling. The reversal marks the sharpest real decline for bullion investors since late 2020, when adjusted for inflation. The selloff underscores how quickly the “safe haven” trade has unwound as inflation expectations ease. Investors will now watch whether central banks slow their tightening pace and whether demand from ETFs and physical buyers stabilizes. The article also flags a rotation into other assets during October, though gold’s next directional signal likely hinges on inflation data and real yields.