Weakest Treasury Auctions in Years: When Safe Havens Stop Feeling Safe

Stocks are sliding on Middle East war fears, oil is back above $100, and volatility is high – the kind of backdrop where U.S. Treasuries and gold are *supposed* to be your cushion. Yet recent Treasury auctions were the weakest in over three years, government bonds in the U.S. and Europe are selling off, and gold stocks just dropped after record highs. The things people buy for “safety” are being repriced, and that matters for anyone who thinks their bond funds and hedges are the calm part of the portfolio.