Gold just came off one of its worst weeks in nearly 15 years, with prices imploding just north of 10%. Things haven’t been any better for silver (it’s been a disaster for silver, down over 15% in a week) or any of the other metals, which are also under considerable pressure amid the Iran war and skyrocketing oil prices.

Undoubtedly, it might be surprising to see gold act the way it has in a time of war. After all, the shiny yellow metal was supposed to be a hedge against such geopolitical chaos. And while further rate cuts might be off the table (rate hikes instead?), which works against gold, as inflation expectations rise, I do think that the rather unorthodox plunge has more to…