AGE 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.

4/20/2026: Metals rally as war inflation hits

While the most intense phase of the conflict with Iran may be over, its full economic impact is just beginning. As we noted in our AGE Gold Commentary of March 9, oil prices are the key driver--and they are likely to remain elevated. This energy shock is already feeding into broader inflation, with ripple effects showing up in diesel and jet fuel as well as commodities like aluminum and fertilizer.

In this Gold Commentary, recorded after the close of markets on Friday April 17, we review this inflationary impact through March and the recent relief-rally in equities and precious metals. Metals have gained over the past two weeks, supported by a weaker dollar and falling Treasury yields since the ceasefire announcement. We also include the latest market charts.

While the end of his conflict remains uncertain, negotiations were set for today, but conditions shifted again. Despite statements from Iran Foreign Minister Abbas Araghchi that the Strait of Hormuz was open on Friday, there are now signs of an internal power struggle in Iran. The hardline Revolutionary Guard stepped forward over the weekend and moved to close the strait once more. The situation remains fluid and as of this morning continued negotiations over a cease fire are uncertain.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President