Geopolitical impact on gold - what are you seeing?

• •Watching the headlines roll in this morning from the Middle East, and my mind immediately goes to the gold market.
• •I remember back in my days on Wall Street, any whisper of instability, especially in that part of the world, sent folks scrambling for safe havens.
• •It was almost clockwork.

Watching the headlines roll in this morning from the Middle East, and my mind immediately goes to the gold market. I remember back in my days on Wall Street, any whisper of instability, especially in that part of the world, sent folks scrambling for safe havens. It was almost clockwork. Now that I’m retired and primarily focused on my own portfolio, which has a pretty heavy allocation in physical and paper gold (somewhere north of 60% of my 3 million, if I'm being honest), these kinds of events hit a bit differently. It's not just theoretical anymore.

I’ve always been a believer in gold as a hedge against geopolitical risk and inflation, and it's certainly paid off over the last few decades. I’ve been stacking since the late 90s, buying up those 10 oz and even kilo bars when things felt a bit shaky globally. The recent run-up in prices, even with less dramatic news cycles, has been reassuring, but days like today make me wonder what the real immediate impact will be. Are we looking at another sharp spike, or is the market already pricing in a certain level of volatility?

From my perch here in NYC, the talking heads are all over the place, as usual. Some are predicting a flight to quality, others are saying the strength of the dollar might temper gold's rise. I’m leaning more towards a strong upward movement, especially with the inflation concerns still lingering. What are you all seeing in your tracking? Are you adjusting your positions at all based on these developments? Curious to hear from others who have a decent chunk of their net worth tied up in metals.