Gold just went through a wild sequence: it ran to all-time highs, Jim sold 30% of his position near the top, a geopolitical conflict sent it lower, and then today — rumors that the conflict might be slowing — gold is surging again. In this Tradier Rundown, Jim Iurio and Bob Iaccino talk through why they’re still long-term gold bulls despite all the volatility, and why the fundamental case hasn’t changed.

Jim has been called a gold bug for years. So has Bob. The accusation was that gold was a conspiracy theory asset held by people who didn’t trust the system. And then gold ran to ridiculous highs. Jim actually sold 30% of his gold and silver position near the top in January — not because he turned bearish, but because the move looked extended and he wanted to take some risk off.

The Fundamental Case Is Still There

Bob’s view: the fundamental case for owning gold has not changed. The core argument is about currency stewardship — or the lack of it. Central banks have allowed more inflation than is probably appropriate, and supply-driven inflation (oil, commodities, energy) isn’t something the Fed can actually fight with rate hikes. Hiking rates doesn’t bring crude prices down. So you end up with inflation the Fed can’t meaningfully address, which historically is a good backdrop for gold.

Bob also points out: the best time to own gold is when inflation is running and the Fed can’t fight it. That’s exactly the environment they’re describing.

Country-Level Gold Selling

One factor that’s been weighing on gold recently: some countries have been selling gold reserves to support their currencies and buy oil. That’s a real source of selling pressure that has nothing to do with market sentiment. But Bob notes the World Gold Council just reported that Q1 gold purchases hit another record — meaning the larger institutional buying trend remains intact, even if some short-term selling from individual countries created downward pressure.

The conflict resolution rumors causing gold to spike today underscore something Jim and Bob both believe: gold responds to geopolitical conditions in ways that aren’t always predictable in the short run. You can have the right long-term thesis and still experience short-term volatility that shakes you out if you’re not positioned correctly.

The Role of Asset Inflation

There’s a subtlety in Bob’s inflation framework worth noting. When inflation runs hot — particularly supply-side inflation driven by oil prices, energy costs, or commodity disruptions — you typically see asset price inflation alongside it. Not just stocks, but real assets: real estate, commodities, and metals. Gold, as an asset class, tends to participate in that asset inflation cycle, which gives it a dual role: hedge against currency debasement and beneficiary of general asset appreciation.

This is why Bob and Jim expect gold to recover once the current selling pressure from individual countries eases. The underlying inflation dynamic that pushed gold to its highs hasn’t reversed. It’s been temporarily masked by forced selling at the country level — countries needing to support their currencies and fund oil purchases. That’s a different animal from investors losing confidence in the gold thesis.

Emerging Markets Still Net Buyers

Despite recent selling at the country level, the World Gold Council’s Q1 data shows that emerging market central banks remain net buyers of gold at a record pace. That institutional demand doesn’t show up as individual country sales in the short-term data — it’s a longer-cycle structural accumulation. Countries building gold reserves as an alternative to dollar-denominated assets are doing so quietly and consistently, regardless of what happens in any given week.

That long-term structural demand is one reason Jim and Bob stay long even through pullbacks like this one. The temporary sellers will be done selling. The structural buyers are a different kind of counterparty.

What They’re Doing

Jim is holding his remaining gold position. Bob is staying long with the thesis intact. Neither is chasing the spike — but neither is looking for a reason to get out. When the resolution selling pressure eases and the fundamental inflation backdrop reasserts itself, they expect gold to find its footing again. The pullback, in their view, isn’t a reason to exit — it’s the kind of volatility that shakes out weak hands before the next leg.

About The Tradier Rundown

The Tradier Rundown is a weekly short-form market commentary hosted by Jim Iurio and Bob Iaccino, co-hosts of Trader’s Edge on Tradier Hub and partners at UnfilteredInvestor.com.