Why Gold Has Fallen: A liquidity Story, not a Broken Thesis25 Mar 2026 16:00
Key highlights from a Sprott update on golds current fall , just in :
Key Takeaways
Liquidity Crunch, Not a Broken Thesis: Gold was sold as a source of liquidity during forced deleveraging, not because its underlying fundamentals had weakened.
Iran Shock Disrupted Reserve Flows: The conflict in Iran and the closure of the Strait of Hormuz (through which ~20% of global oil flows) halted energy revenues and stalled sovereign gold buying, removing a key pillar of demand.
A Familiar Stress Pattern: Like 2008 and 2020, gold is reacting to liquidity pressure, not failing as a hedge.
Setup for Gold’s Next Bull Phase: Structural pressures are building toward renewed monetary support—historically a powerful catalyst for gold.
GLA!
Ps. Imagine if we’d both sold O’Calloghans tungsten stash AND got a Divi……