Historically, gold has been a “safe-haven” asset that offers downside protection when stocks are underperforming. Gold traditionally does best when inflation is high, capital markets are volatile, and in times of war, so the current environment would seem like a perfect opportunity for gold to do what it does best. But surprisingly, gold prices are down 10% in 2022—and gold-mining mutual funds and ETFs are doing even worse. This Barron’s article takes a closer look at gold’s underwhelming year and what the future might hold.