Gary North just had an article on this but I can’t link to it because it is on his membership site. But he keeps saying that gold is not a hedge against recession. Rather it is a safe haven when there is an expectation of mass(not just 2%) inflation.
His point in the article is that he seeing recession coming and that is why gold is falling. However he also says that the Fed is likely to start pumping more money into the system. This isn’t the first time gold has fallen when the expectation of recession has risen. He thinks that the Fed is likely to allow mass inflation but NOT hyperinflation. It is important to make that distinction.