(Kitco News) - Gold is under pressure, central banks are selling, and investors are asking a familiar question: Has gold lost its safe-haven status? That conclusion is not just premature—it fundamentally misunderstands what gold is designed to do. Gold’s worst decline since the early ’80s has come amid one of the most volatile geopolitical environments in years. Yet instead of rising alongside uncertainty, gold has been liquidated. To some, that looks like failure.