貴金属と地政学的リスク

Good question. I've been watching gold closely and it feels like the market is indeed more 'used to' instability. We need a truly major event for a significant breakout, not just persistent low-level friction.

I disagree. The consistent underlying bid for gold, even when equities are strong, suggests there's a constant flow of capital seeking safety. It's just not always front-page news.

I think the safe-haven argument still holds, but the moves are less dramatic than they used to be. Other factors like interest rates seem to have more immediate impact.