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U.S-Iran peace deal ignites Gold’s comeback trade – Are you positioned?

It’s official: the war is over. The Strait is open. And Gold is back in play.

On June 14, 2026, global markets were handed the kind of catalyst that can reset an entire macro cycle.

With one short message – “Ships of the World, start your engines. Let the Oil flow” – President Donald Trump signalled the end of the U.S-Iran conflict, the reopening of the Strait of Hormuz and the return of uninterrupted Energy flows through the world’s most important shipping lane.

Oil prices fell almost instantly. Precious metals moved the other way.

Gold, Silver and Platinum surged as traders rapidly reassessed the post-war landscape. The market’s message was clear: with geopolitical risk cooling, Energy inflation easing and Federal Reserve rate-hike expectations fading, capital is beginning to rotate back into the assets that led the first phase of the 2026 Hard-Asset bull market.

“Gold is no longer trading like a defensive hedge” says Lars Hansen, Head of Research at The Gold & Silver Club. “It is trading like the next major comeback trade of 2026”.

For weeks, global liquidity had been distorted by the build-up to SpaceX’s blockbuster NASDAQ debut under the ticker SPCX. The IPO raised $75 billion, making it the largest listing in financial history and catapulting SpaceX to a valuation above $2.1 trillion.

The scale of the event drained capital from Equities, Bonds and even Precious Metals, as traders and investors chased one of the most hyped public offerings ever brought to market.

Now, with the IPO firmly in the rear-view mirror, markets are rotating back to fundamentals.

“With U.S. Federal Reserve rate-hike expectations easing in the wake of the U.S-Iran peace deal, traders are dusting off their pre-war playbooks and looking for value in the assets with the greatest potential to outperform in the month ahead,” argues Hansen.

“The evidence is clear: the market is going back to the future with the trade that worked before the war,” Hansen notes. “Gold was the standout trade in January and February. The setup today looks even more compelling.”

Gold’s recent correction has created what many institutional traders now view as one of the most attractive entry points of the year.

At roughly $4,300 an ounce, Gold remains up more than 185% since the start of 2020, when it traded near $1,500. Since January 2025 alone, the metal has climbed around 79% – more than three times the gain delivered by the S&P 500 over the same period.

“Traders should not mistake short-term volatility for the end of the cycle,” Hansen notes. “This is a positioning reset. Weak hands sell into fear. Strong hands accumulate when value reappears.”

That distinction is critical. Nothing in the macro landscape has changed enough to undermine the long-term bullish thesis. U.S debt remains elevated, confidence in fiat currencies continues to weaken and central banks across the world are still diversifying reserves into bullion. 

According to a report published by the European Central Bank, Gold has now overtaken U.S government bonds to become the world’s leading reserve asset. Bullion accounts for 27% of all global central bank reserve assets, with a value of more than $4 trillion.

This shift in reserve composition marks a structural move away from traditional currency dependence and toward hard monetary assets. For traders, the message is clear: the correction has not broken the cycle. It has reset the opportunity.

At the start of 2026, The Gold & Silver Club declared this “The Year of Hard Assets”. Six months later, the thesis has strengthened.

CME Lithium Futures are up 86% year-to-date and trading above $20,000 per metric ton. Rare Earths have gained more than 17%, Copper is up 28%, Aluminium has surged over 41% and Uranium has advanced 22%.

“When one major Commodity breaks out, others rarely stay behind for long,” Hansen says. “Copper is already sending the signal. Gold is next.”

Copper’s rally has been driven by tight inventories, tariff concerns, electrification demand, data-centre expansion and China’s policy support. Historically, such broad Commodity strength has acted as a powerful confirmation signal for Precious Metals.

The peace deal may cool Oil, but inflation has not disappeared.

Price pressures remain embedded across services, industrial inputs and global supply chains. U.S inflation has moved back above 4%, while Eurozone inflation has returned above 3% for the first time since 2023. Core pipeline pressures remain elevated, particularly across goods and raw materials.

That combination creates the ideal backdrop for Gold: lower rate-hike risk, sticky inflation and renewed demand for monetary hedges.

Gold is now sitting near a critical long-term technical zone, with sentiment washed out, positioning reset and weak hands flushed from the market. Historically, this is exactly the type of setup that has preceded some of Gold’s most explosive recoveries.

“Corrections like this do not kill bull markets,” says Hansen. “They reset them for the next major advance. When Gold goes on sale in this macro environment, it does not stay cheap for long.” 

With the war over, Oil flowing, the SpaceX liquidity drain fading and Hard Assets already outperforming global markets, Gold’s comeback trade may only just be getting started.

The next move could be the one that drives prices to fresh all-time highs in 2026.

“Traders who act now may look back on this as the smartest entry point before Gold’s next parabolic breakout,” Hansen concludes.

The only question now is whether you seize the opportunity before the breakout leaves you behind? 

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: 

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Author

Phil Carr

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

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