Merryn Talks Money Markets Wrap: Gold, Bonds and Bitcoin Struggle as War Uncertainty Clouds Investor Outlook
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Mar 27, 2026 Marcus Ashworth, Bloomberg Opinion columnist and markets expert, tackles how war-driven geopolitics scramble gold, bonds and currencies. He breaks down technicals for non-yielding assets and why central banks might sell gold. Expect debates on rate risk, liquidity, cash as refuge, and how political moves ripple through markets.
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Safe Havens Are Blurring Due To War
- Geopolitical uncertainty has removed clear safe havens across assets like gold, bonds, and currencies.
- Marcus Ashworth explains gold, bitcoin and FX are trading more on technicals and central bank actions than clear fundamental pricing now.
Technicals Drive Gold And Bitcoin Moves
- Gold and bitcoin now follow technical patterns because they lack obvious fundamental cash flows to price them.
- Marcus Ashworth notes central bank buying/selling and technical support levels (e.g., $4,100 for gold) drive short-term moves.
Central Banks Might Cash In Gold Reserves
- Some central banks may sell gold to fund emergency spending, smoothing domestic pain amid the crisis.
- Marcus says Asian and Middle Eastern buyers who've profited may 'trim a little bit' to pay for energy or military needs.