Treasuries have historically served as a safe haven in times of geopolitical uncertainty.

Not this time.

Bonds have sold off modestly since the beginning of the U.S.-Iran conflict, as evidenced by rising yields. As Mike Maharrey explains in this week's Midweek Memo podcast, it sure looks like gold is the last safe haven standing. He explains why Treasuries are struggling to catch a bid and how a long war could exacerbate the situation. He also highlights a note by UBS to make a bullish case for gold, war or no war.