# Why War Is Pushing Gold Down and Oil Up

Page: https://stenobird.com/podcast/minor-issues-6016417/why-war-is-pushing-gold-down-and-oil-up
Text version: https://stenobird.com/podcast/minor-issues-6016417/why-war-is-pushing-gold-down-and-oil-up.md
Podcast: [Minor Issues](https://stenobird.com/podcast/minor-issues-6016417)
Published: 2026-04-11T11:02:34+00:00
Episode link: https://mises.org/podcasts/minor-issues/why-war-pushing-gold-down-and-oil
Audio file: https://dts.podtrac.com/redirect.mp3/cdn.mises.org/2026-04/172_Minor-Issues_Thornton_20260411.mp3
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## Resource

Mark Thornton unpacks a counterintuitive correlation: as the Persian Gulf conflict escalates, oil spikes while gold and silver slide. He explains how higher oil feeds the CPI, locks central banks out of rate cuts, and pressures precious metals through the dollar and petrodollar system, distinguishing the real monetary inflation gold tracks from the statistical indexes driving Fed decisions. Stick around for a wide-ranging Commodity Culture interview with Jesse Day on the festering world war and the path back to hard money. Plus, an update on the 2026 stocks-vs-MOO prediction contest (fertilizer is running away with it). 20% off listener offer on the new insulated Minor Issues tumbler and three of Mark's books, signed if ordered by the end of April: https://mises.org/MinorIssuesTumbler . Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

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## Transcript

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