Brien Lundin: War isn't bullish for gold

By Brien Lundin Gold Newsletter / Golden Opportunities Metairie, Louisiana Monday, March 2, 2026 As I walked the packed halls of the massive PDAC mining conference yesterday, many attendees asked, with eyes gleaming with excitement, how high gold would jump today in the wake of America's massive onslaught against Iran. I threw rhetorical cold water in their faces. This wasn't good for gold, I told them. Beyond the obvious and terrible repercussions of war in general, geopolitical eruptions like this serve only to obscure the fundamental drivers of a gold bull market and enrich the traders who fleece those attempting to trade on the events. ... Dispatch continues below ... ... ADVERTISEMENT ... Guanajuato Silver Is Reactivating Silver and Gold Mines in Mexico Guanajuato Silver is a precious metals producer reactivating past-producing silver and gold mines in central Mexico. The company produces silver and gold concentrates from the El Cubo Mines Complex, Valenciana Mines Complex, and the San Ignacio mine. All three mines are located within the state of Guanajuato, which has a 480-year mining history. Additionally, the company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango state.  With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico. For more information, please visit: http://www.gsilver.com/ Gold reportedly reached $6,000 in "dark pool" trading in China over the weekend, and $5,500 in the gold-linked crypto market. It has fallen back from those levels, whether they were real or not, and is up about $115 to $5,393 on a spot level as I write. Futures are up about $160. Silver, which gained nearly $7 at one point to poke up above $100 once again, is actually trading in the red as I write, as are the other non-gold metals. The major stock indices are off about 1%.  I won't dig in much deeper on the market reaction here -- things could change dramatically by the time you read this. You can, and should, monitor the markets carefully today and as long as this military action lasts. In this short note, I will tell you this. Make sure you're riding this bull. Yes, gold is up on the war news, and yes, it was likely pricing this conflict in with its gains over the last couple of weeks. But the fundamental factors driving this bull market are irreversible and long-standing, and gold is headed much higher. More to the point right now: The mining stocks are just beginning to respond. As I walked among the hundreds of junior mining companies hawking their projects at the Metals Investor Forum over the weekend and the PDAC conference yesterday and today, one thing is obvious to me. Unlike past markets, when the vast majority of companies were likely to lose value over the coming year, I'm confident that the vast majority of today's companies will be trading higher next year.  And many much, much higher. That's an important aspect of this market, as I told the audience in a panel presentation yesterday. In a market where your losers aren't losing, and in fact are gaining, that helps your portfolio performance tremendously. Your big gainers don't have the weight of losing positions holding down your overall portfolio. ... ... For the remainder of the analysis: https://goldnewsletter.com/go030226/ * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png