Some of the markets that had initial extreme price movements at the onset of the Russian invasion of Ukraine have retraced much of those price moves, including U.S. stock indexes, gold, grains and U.S. Treasuries. Gold is the most notable example. The safe-haven metal rallied to a 1.5-year high of $1,976.50 early Thursday, but has dropped sharply since then and is presently trading just above $1,900.00. Some gold traders fear that Russian President Putin may have to sell some or much of his vast gold reserves to support the depreciating Russian currency, the ruble. —Jim Wyckoff