GOLD GLITCH
03/26/2026 |
Gold usually performs well during times of uncertainty, yet it has meaningfully declined since the start of the Iran War, from $5,100/oz to $4,431/oz. Three possible explanations: 1) rising interest rates hurt gold as it pays no interest, 2) gold is priced in dollars, so the rise in the US dollar hurts global demand, 3) speculators had to sell the gold/equities they bought with borrowed money to meet margin calls.