Financial Sense Newshour Jeff Christian on Precious Metal Breakdown, Iran War, and the Next Big Shift (Preview)
Mar 26, 2026
Jeffrey Christian, senior metals analyst and managing partner at CPM Group, shares his take. He explains why the January metals spike proved unsustainable. He argues much of the war risk was already priced in and recounts market reactions when the attack began. He highlights how Fed rate guidance and Dubai airport closures disrupted metals and physical flows.
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Multiple Forces Suppressed Metals Rally
- Gold and silver fell despite the Iran war because multiple forces offset safe-haven demand.
- Jeffrey Christian cites pre-known war expectations, broad commodity sell-off, Fed signals, profit-taking, and Dubai closures as drivers.
Market Had Priced In An Iran Attack Early
- The market priced in a coming attack on Iran well before it occurred, driving an earlier spike that later reversed.
- Jeffrey Christian points out metals peaked in late January as investors anticipated U.S./Israeli action and then retreated after the actual attack timeline unfolded.
Fed Rate Signal Trumped Geopolitics For Gold
- The Fed's stance mattered more than geopolitics for metals because it signaled rates would stay higher.
- Christian says the FOMC's message and dot plot convinced markets that rate cuts aren't imminent, reducing gold's appeal.