At the same time, cryptocurrencies have suffered with Bitcoin down around 15% (back below $40,000 this morning), with the most aggressive shift from 'digital gold' to 'real gold' occurring since Putin invaded Ukraine...

Source: Bloomberg

The barbarous relic's besting of bitcoin has may questioning the latter's 'inflation-hedge' status:

"It could well be that as Bitcoin is tested in a high inflation, rising rate environment for the first time, investors are choosing tradition over a new frontier," said Jeffrey Halley, senior market analyst at Oanda Asia-Pacific Pte.