Gold hasn’t been acting as a hedge against geopolitical turmoil at all lately.

It barely budged after the deadliest attack on French soil since World War II killed 129 people. It has only slipped lower since Russia’s military moved into the Middle East for the first time since the botched invasion of Afghanistan in 1979.

In breaking news Nov. 24, it was reported that NATO-member Turkey shot down a Russian fighter jet that is claims crossed into Syrian airspace. Putin called the act a “stab in the back by terrorist-accomplices.” Russia has for a long time been aware of oil going from ISIS in Syria to Turkey, Putin said. The money is the primary source of financing for the terrorist group, yet Turkey has been purchasing it from them at a discount to market prices.

Putin said Russia respects the regional interests of other nations, but warned the atrocity committed by Turkey would not go without an answer. Moscow plans to suspend military cooperation with Ankara. Sergey Rudskoy, a top official with the Russian General Staff, condemned the attack on the Russian bomber in Syrian airspace by a Turkish fighter jet as “a severe violation of international law”. He stressed that the Su-24 was downed over the Syrian territory. The crash site was four kilometers away from the Turkish border, he said.

Russia now plans to implement new measures aimed at strengthening the security of the country’s air base in Syria and in particular to bolster air defense.

Russian missile cruiser Moskva equipped with the Fort air defense system similar to S-300 will be deployed off Latakia province’s coast.

“We warn that every target posing a potential threat will be destroyed,” lieutenant general Sergey Rudskoy said during the briefing.

“All military contacts with Turkey will be suspended,” he added.

One would think this would be enough to rattle global markets and increase safe-haven demand for gold. Yet, the gold price advanced just $6 or 0.60% today.