Why Gold and Silver Sold Off When They Should Have Rallied
Gold and silver prices should have rocketed higher on Wednesday, September 2, 2026. The headlines were exactly what precious metal bulls live for: escalating military tensions between the United States and Iran, attacks on oil infrastructure, and threats of supply disruptions through the Strait of Hormuz. Yet gold and silver did the unthinkable. They sold off.
The SPDR Gold Shares ETF (GLD) closed at $396.75, down 2.86%, while the iShares Silver Trust ETF (SLV) dropped 3.68% to $57.92. In contrast, oil surged 5.46% to $141.00 as markets priced in genuine supply constraints. This divergence between energy and precious metals tells an important story about what is actually driving commodity mar…
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