Bonds, particularly U.S. Treasuries, have long been considered a go-to safe-haven asset. However, they haven't behaved that way as late. That leaves gold as the last safe haven standing.

In this episode of the Midweek Memo podcast, host Mike Maharrey highlights the warning signs rippling through the Treasury market and explains the ramifications. He then highlights gold's role as the ultimate safe haven using real-world examples in Russia and Iran.