Starting in early 2022, Gold has enjoyed an essentially unprecedented rally, rising 161% to its March 3 press time price of $5,151 per ounce. Such a staggering rise has been, according to numerous experts, largely driven by high geopolitical instability that came into sharp focus with the 2022 Russian invasion of Ukraine.
The bull run, however, is likely at an end with the precious metal’s latest high prices likely representing multi-year peaks, according to a recent X post and analysis by Mike McGlone, Bloomberg’s chief commodity analyst.
Why this commodity expert says that ‘gold pillars (are) crumbling’
Specifically, the expert concurs with the view that the gold rush of the early 2020s has been primarily driven by instability and pressure arising from America’s rivals. Indeed, retail investors and institutions, such as central banks, have been rushing to acquire the commodity due to its nature as a ‘safe haven.’
Still, as McGlone noted, the U.S. has recorded several geopolitical victories in recent years, with the removals of Assad in Syria and Maduro in Venezuela being of particular importance.
Therefore, the top commodity strategy noted, should the U.S. attack on Iran end with regime change or softening akin to Venezuela, the instability driving gold in recent years could swiftly dissipate.
“Gold Pillars Crumbling? Crude Spike on Iran Could Fuel Sales – The elimination of anti-US leaders in Syria, Venezuela and Iran may mark an end game for gold’s geopolitical bid, which was sparked by Russia’s 2022 invasion of Ukraine,” McGlone wrote.
Oil and Silver rallies to end along with Gold’s price rise
As part of the same analysis, the expert also reflected on other assets such as oil and silver, repeating essentially the same thesis.
Essentially, the reduction in international instability is likely to stabilize the market, meaning the highs seen for the fossil fuel and the argent metal in recent days and weeks could represent multi-year highs:
“Brent crude oil near $80 a barrel could set 2026 highs alongside $100 silver, on the back of two key factors: autocorrelation and a minor rebound in stock market volatility.”
Do these markets confirm the commodity expert’s thesis?
Some of the latest commodity, cryptocurrency, and stock market moves since late February appear to corroborate the stance. Bitcoin (BTC), gold, and silver all exhibited strong risk-off moves immediately after the bombs started dropping, but by press time on March 3, reversed.
Specifically, after initially falling almost to $63,000, BTC rose back above $67,000 on Tuesday, while, on the same day, the two precious metals suffered 2.7% and 7.8% drops, respectively.
Elsewhere, the Israeli stock market also shows confidence in imminent victory for their alliance since, despite Iran still launching numerous missile waves – and scoring numerous hits – it closed at a record high on Monday, March 2.
Furthermore, while oil and natural gas prices remain elevated, their performance is due to key critical production facilities and shipping lanes being, at press time, literally under fire.
Why the Gold price rally might continue
Lastly, despite what the situation appears to be in early March 2026, investors should remain cautious. Historically, there have been numerous occasions in which U.S. military victories led to vicious instability later down the line.
The Western help in overthrowing Gaddafi in Libya led to an even greater civil war in the country, turning it into a ‘failed state’ for approximately a decade.
Similarly, while the Syrian Arab Republic has been successfully overthrown, the fact that the country’s new leader went straight from a wanted poster over links to al-qaeda to meeting NATO leaders raised numerous eyebrows throughout 2025.
Likewise, U.S. funding of Islamist fighters in Afghanistan and Osama Bin Laden himself during the Soviet invasion led to perhaps the most famous example of ‘blowback’ in history.
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