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Alasdair Macleod: Gold and silver in wartime
By Alasdair Macleod
GoldMoney, Toronto
Friday, July 24, 2026
Some analysts tell us that gold goes down in war. This is rubbish. Otherwise, why would countries in the past have suspended their gold standards at wartime?
There are some specious arguments being advanced for the lacklustre performance of gold and silver in recent weeks, and the argument above is just one of them. But what makes current financial markets interesting is that the entire investment establishment with very few exceptions are Keynesian in their outlook. We can define this in a simple phrase -- there is an unfounded belief that governments can manage economic outcomes.
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The problem here is that by managing outcomes governments always make things worse. And just occasionally the consequence is a crisis. Drop the Keynesian la-la stuff, and we can see the approaching crisis clearly. There are a number of elements to it which give Macleod Finance easy copy, but the purpose of this report is to look at it with respect to precious metals. ...
... For the remainder of the commentary:
https://www.goldmoney.com/research/gold-and-silver-in-wartime
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