"Obviously, gold is very, very strong," said Tim Carleton, chief investment officer with Auscap Asset Management in Sydney. "And the interesting thing about gold being strong is generally, despite a lot of conversations around the lines in Martin Place, fund managers feel underweight." There's none of the "euphoric behaviour" that would be associated with a bubble, Mr Carleton said. "If you want to weaponise the USD by sanctioning USD assets, then people will move away from the USD," he said. Precious metals have also been financialised, with anyone able to easily buy gold and silver via ETFs, including 3x leveraged ETFs, Mr Janasiewicz said.