AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
2/23/2026:Gold and silver surge on Iran, tariff shock
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Gold and silver prices have surged sharply since Wednesday, February 21, after global media reported a massive U.S. military buildup in the Middle East.
The Trump administration has deployed the largest U.S. military presence in the region since 2003, escalating pressure on Iran to abandon its nuclear enrichment program—or risk potential regime change. Geopolitical tensions like these historically drive safe-haven demand, and precious metals have responded accordingly.
Over the last four trading sessions, gold and silver have rallied to short-term cyclical highs. As we have said for decades, gold climbs a wall of worry—and right now, investors have plenty to worry about. But geopolitical risk is not the only catalyst.
A new wave of economic uncertainty hit the U.S. after the Supreme Court ruled that President Trump’s executive authority to impose tariffs was unconstitutional. In response, Trump announced he would continue tariffs under a different legal provision—initially at a 10% global rate, later increased to 15%.
This decision raises major questions. What happens to previously collected tariffs? How many new lawsuits will follow this ruling? How will renegotiated country-specific tariff deals be affected? And most importantly, what does this mean for U.S. businesses absorbing these ever-changing import costs?
The renewed uncertainty rattled financial markets, sending U.S. equities sharply lower. At the same time, recent economic data shows weaker-than-expected U.S. GDP growth, softening employment figures, and persistent inflation—adding to stagflation concerns and further supporting the bullish case for gold and silver.
We discuss all of this in today’s edition of AGE Gold Commentary.
You can also view this video on the AGE YouTube channel, which includes a transcript.
AGE's Gold Commentary
AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
2/23/2026: Gold and silver surge on Iran, tariff shock
Source:
Gold and silver prices have surged sharply since Wednesday, February 21, after global media reported a massive U.S. military buildup in the Middle East.
The Trump administration has deployed the largest U.S. military presence in the region since 2003, escalating pressure on Iran to abandon its nuclear enrichment program—or risk potential regime change. Geopolitical tensions like these historically drive safe-haven demand, and precious metals have responded accordingly.
Over the last four trading sessions, gold and silver have rallied to short-term cyclical highs. As we have said for decades, gold climbs a wall of worry—and right now, investors have plenty to worry about. But geopolitical risk is not the only catalyst.
A new wave of economic uncertainty hit the U.S. after the Supreme Court ruled that President Trump’s executive authority to impose tariffs was unconstitutional. In response, Trump announced he would continue tariffs under a different legal provision—initially at a 10% global rate, later increased to 15%.
This decision raises major questions. What happens to previously collected tariffs? How many new lawsuits will follow this ruling? How will renegotiated country-specific tariff deals be affected? And most importantly, what does this mean for U.S. businesses absorbing these ever-changing import costs?
The renewed uncertainty rattled financial markets, sending U.S. equities sharply lower. At the same time, recent economic data shows weaker-than-expected U.S. GDP growth, softening employment figures, and persistent inflation—adding to stagflation concerns and further supporting the bullish case for gold and silver.
We discuss all of this in today’s edition of AGE Gold Commentary.
You can also view this video on the AGE YouTube channel, which includes a transcript.
Sincerely,
Dana Samuelson
President