Barrick Mining (B 8.74%) took a hit today, down almost nine percent by mid-afternoon. The Middle East is, as usual, a mess. Normally, that sends investors scrambling for gold and silver – the shiny things we tell ourselves will hold value when everything else is going south. It started that way, briefly.
But the price of metal decided to disagree with the script. Gold and silver are both shedding value like a bad memory, and Barrick is getting dragged down with them. Silver gets a look-in too, naturally. It always does.
The Shine Wears Off
February closed with gold around $5,278 an ounce. The strikes on Iran stirred things up, briefly spiking to $5,416 early Monday. A false dawn, as it turned out. The market has a way of disappointing those who expect logic.
Last I checked, gold was trading at $5,102, a nearly four percent drop from yesterday. It’s a simple equation: expectations versus reality, and reality usually wins.
Silver’s story is a mirror image. It closed February at $93.73, topped out at $96.10 Monday, and now sits at $82.46. A six percent slide. The air smells of regret and hasty decisions.
A Buyer’s Remorse?
What’s behind this? The dollar is flexing its muscles – a safe haven of a different sort. It takes fewer dollars to buy an ounce of metal. Basic economics, but people rarely let basic economics get in the way of a good panic.
War can fuel inflation, which should be good for precious metals. But the market’s betting the Fed will hold rates steady, hoping to keep the long-term picture manageable. It’s a gamble, naturally. All of this is a gamble.
Personally, I’d expect gold and silver to react to geopolitical noise the way they usually do: with a temporary surge followed by a slow drift back to reality. I still see an upward trend, eventually. Barrick is trading at just over 17 times earnings, with expected earnings growth of nearly 16% next year. It’s getting close to cheap enough to consider. Close. The market has a habit of testing patience. And wallets.
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2026-03-03 21:33