Amidst the current volatility spike, one asset has started to behave in a way that often surprises newer market participants: gold is fading.

Traditionally seen as a hedge against both inflation and systemic stress, gold tends to perform well when volatility rises and central banks are slow to react. However, when gold begins to sell off during a volatility-driven market panic, it sends a very specific message — not one of breakdown, but of final clearing.

According to Oz, this moment — where gold “dies” while panic peaks — often signals that the melt-up is next.