Gold was supposed to be a hiding place for investors during a Middle East conflict. Instead, since the Iran war started on Feb. 28, the yellow metal has dropped 11%, raising questions about its safe-haven reputation.

That outcome seems backward. Safe-haven assets are supposed to rise in price when the world gets shaky. Yet a new research note from LPL Financial, one of the country’s largest independent broker-dealers with $2.3 trillion in client assets, argues the selloff isn’t a sign of failure.

Rather than........

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