Gold stocks were mixed today as markets braced for potential heavy U.S. military action on Iran. Ahead of a deadline tonight for Iran to make a deal with the U.S. and reopen the Strait of Hormuz, President Trump vowed to end the Iranian “civilization.”
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The VanEck Gold Miners ETF (GDX) was down 0.32% today. However, major holding Franco-Nevada Corporation (FNV) was up 0.69%, Newmont Mining (NEM) was 0.74% higher, and Wheaton Precious Metals (WPM) was up 0.27%.
The spot gold price was down 0.53% at $4,657.
The mixed picture reflects the uncertainty around U.S. policy and activity in Iran. Bombings today ahead of Trump’s deadline appear to lower the likelihood of a ceasefire. Although they could be an attempt to bounce the Iranians into doing a deal.
A ceasefire would potentially halt skyrocketing oil prices, which should make life easier for gold and metal miners wanting to power forward the global economy and gold investors.
The gold price has fared badly in the current conflict between the U.S., Israel and Iran. A rising oil price has brought with it the fear of higher inflation and the prospect of higher interest rates to combat that concern. Gold tends to do better in times of low interest rates.
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