The war against Iran is impacting the gold and silver markets in more ways than one. Take a look…
March 11 (King World News) – Gerald Celente: The Iran war has halted most flights out of Dubai, a major transfer hub for the global distribution of gold and silver and through which about 20 percent of the world’s gold bullion moved last year.
Bullion mined and refined in Africa and the Mideast is transferred through Dubai to the West and metals sent into Asia from Europe also use Dubai as a hub.
Typically, gold is shipped as cargo on air freight shipments, as much as five metric tons per shipment, at a value of about $830 million at current prices.
Freezing physical gold and silver in place could drive prices higher in Asia and spike volatility for the metals globally, the Financial Times reported.
“Gold availability has become a concern following the suspension of flights from the Middle East,” John Reade, senior strategist at the World Gold Council, said in a statement. “This is a reason that domestic prices [in India] moved sharply,” shedding their discount of $50 per ounce on 6 March and rising to world market levels…
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In 2024, Dubai was the world’s second-largest gold exporter, with most of the outflow going to India.
“Nothing [in the Middle East] is going anywhere by air right now,” one unnamed bullion trader told the FT.
Some bullion shipments were loaded onto planes at London’s Heathrow airport, cleared by customs, and then were unable to take off because the Dubai airport had been closed. Those cargoes must be reprocessed by customs officials before they can be withdrawn or rerouted.
Silver already had been in high demand this year by individual investors in China, where inventories have plunged to their lowest in a decade.
The war is the second blow to bullion shipments in 10 months. After Donald Trump announced his tariff war in April 2025, shipments were held up by a lack of clarity over whether gold and silver were subject to new U.S. tariffs.
TREND FORECAST:
Nothing goes straight up or down. We remain very bullish on gold and silver. The Iran War, the coming Dot.com Bust 2.O, the Office Building Bust and other negative trends will increase global demand for safe-haven assets.
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