Macro uncertainty has been building up in 2022, escalating after Russia invaded Ukraine at the end of February. Commodities, in general, have seen soaring prices. Gold experiences a flight-to-safety rally, with investors pushing the precious metal's price up 11% so far in 2022. The rallying gold price seems to have attracted more crypto investors to the gold-backed tokens, as their total market cap surpassed $1 billion yesterday, growing 60% in 2022. There are only two gold-backed tokens of considerable size: PAX Gold and Tether Gold. While Tether Gold has seen minimal growth in 2022, the influx to PAX Gold was massive in February, leading it to overtake Tether Gold's position as the largest gold-backed token by market cap. Bitcoin has underperformed in this uncertain macroclimate, but many investors still view it as an inflation hedge. Gold tokens can be helpful tools since they allow crypto investors to diversify inflation bets through familiar crypto market infrastructure. Nevertheless, even after their massive growth, gold-backed tokens still account for a minimal share of the total crypto market, approximately 0.05%.