AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
5/4/2026:Gold's dominant driver explained
Source:
Precious metals values are driven internationally by supply and demand, inflation, global uncertainty and their inverse correlation to the US dollar, interest rates, and Treasury yields.
Since the US-Israel strike on Iran on February 28, gold and silver have shown volatile and often counterintuitive moves—rising before the conflict, dropping at its onset, rebounding after a ceasefire, and falling again amid ongoing Strait of Hormuz disruptions.
In this AGE Gold Commentary, we cut through the fog of war and break down the major key driver shaping gold and silver prices since early February—and what to watch until the Strait of Hormuz fully reopens and this conflict comes to a resolution.
You can also view this video on the AGE YouTube channel, which includes a transcript.
AGE's Gold Commentary
AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
5/4/2026: Gold's dominant driver explained
Source:
Precious metals values are driven internationally by supply and demand, inflation, global uncertainty and their inverse correlation to the US dollar, interest rates, and Treasury yields.
Since the US-Israel strike on Iran on February 28, gold and silver have shown volatile and often counterintuitive moves—rising before the conflict, dropping at its onset, rebounding after a ceasefire, and falling again amid ongoing Strait of Hormuz disruptions.
In this AGE Gold Commentary, we cut through the fog of war and break down the major key driver shaping gold and silver prices since early February—and what to watch until the Strait of Hormuz fully reopens and this conflict comes to a resolution.
You can also view this video on the AGE YouTube channel, which includes a transcript.
Sincerely,
Dana Samuelson
President