Financial markets are like a big, interconnected web. When one part shakes, the rest feels it too. This is especially true when it comes to health scares and political tensions. Let's dive into how these factors affect different investments, like oil, gas, gold, and even Bitcoin.

First, think about how health scares, like the COVID-19 pandemic, can rattle markets. Bitcoin and crude oil, for example, are quite sensitive to these kinds of shocks. This sensitivity changes over time, but it's clear that health crises can have a big impact on these assets, especially in the short and medium term.

On the other hand, gold and natural gas are more influenced by political risks. Gold, in particular, tends to lead the way during times of geopolitical uncertainty. It's often seen as a safe haven, a place investors go when they're worried about other markets. Natural gas, meanwhile, is more vulnerable to political disruptions, as seen during the Russia-Ukraine conflict.

Bitcoin is an interesting case. It can be affected by both health scares and political risks. During the Russia-Ukraine conflict, for example, Bitcoin felt the impact of increased political tensions. This shows that Bitcoin's value can be quite volatile, depending on what's happening in the world.

So, what does this all mean for investors and policymakers? Well, it highlights the need for tailored strategies. Investors might want to diversify their portfolios, including more resilient assets like gold and natural gas. Policymakers, on the other hand, should enhance their crisis-response frameworks, especially for assets like Bitcoin and crude oil.

But it's not just about reacting to crises. It's also about understanding the bigger picture. By studying the relationships between these different factors, we can better prepare for the future. This is where advanced tools, like wavelet techniques, come in. They allow us to analyze these complex relationships in a more nuanced way.

In the end, it's all about understanding the connections. By doing so, we can make smarter decisions, whether we're investing our money or shaping policy.

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