UK Column News Financial War Behind the Iran War: Why Gold is Crashing and the Dollar is Winning | Silk and Steel
Mar 25, 2026
Ting Xin, finance commentator and co-host of Escape from Plan A, breaks down the strange market moves after the Iran conflict. She discusses why gold is tumbling while oil and the dollar surge. Short takes cover alleged Treasury interventions, a petrodollar offensive, China’s likely countermoves, and how this shapes global reserve dynamics.
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Gold Is A Reserve Asset Not Just A Metal
- Gold functions as a monetary reserve, not just a commodity, so its price movement reflects reserve strategies during shocks.
- Ting Xin shows oil priced in USD vs gold during Ukraine and current shocks and finds a divergence where oil is pricier in gold than in dollars.
Petrodollar Offensive Explains Dollar Oil Divergence
- The recent market shows oil rising while gold falls because the dollar is being propped up to track oil, creating a petrodollar offensive.
- Ting Xin argues the dollar appreciating with oil, not gold crashing, explains the unusual divergence since the war.
Treasury Gold Swaps Can Depress Spot Prices
- The U.S. Treasury can influence gold prices via gold swaps or repo-like arrangements lending bullion to bullion banks.
- Ting Xin explains swaps let banks sell government-supplied gold into the market then repurchase later, depressing spot prices.