After weeks of not having a meaningful safety bid, gold is finally seeing a pickup in interest among safety-conscious investors. The latest pullback in global equities has certainly helped, and gold has been responsive to the revived fears of an all-out trade war with China. But as I’ll explain in today’s report, gold still faces strong competition from other safe havens like U.S. Treasuries. The metal’s currency component, moreover, is still too weak to support a sustainable rally. Both of these factors combined suggest that gold still has plenty of work ahead before it launches