We all know the familiar investing principle that gold is a traditionally defensive asset class that prospers when there’s trouble elsewhere in the financial markets. The more important thing, in my opinion, isn’t why gold is ripping right now, but what else is happening alongside it. As gold is rallying, so are utilities and long-term Treasuries. This trifecta of risk-off assets all performing strongly at the same time could be providing a very serious warning for investors.