Gerald Celente argues that the apparent weakness in gold and silver is not a genuine market signal but evidence of manipulation and forced price suppression amid war, inflation, and a fragile economy. He says the U.S.-Iran conflict, especially any move on Iran’s oil hub and the Strait of Hormuz, risks a broader systemic break, higher energy prices, and a deeper global recession, while AI and U.S. media are also showing signs of overextension and centralization.
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This is a Kitco interview with Gerald Celente, introduced by host Jeremy Saffron as the founder of the Trends Research Institute and publisher of the Trends Journal. The discussion centers on an apparent contradiction: oil and shipping are under stress from the U.S.-Iran conflict, yet gold and silver sold off sharply. Celente rejects the idea that this is a normal market repricing; instead, he says the precious-metals move reflects manipulation by powerful actors trying to suppress the truth that inflation, war, debt, and economic weakness are intensifying. He points to past precious-metals market rigging cases, claims the current setup is another version of the same thing, and argues that gold and silver should be surging. From there, the conversation broadens into Celente’s larger macro framework. He says the U.S. …
Tactically, the market is vulnerable to another violent repricing if war headlines intensify around Iran’s oil hub or the Strait of Hormuz. The current gold weakness looks more like a positioning/liquidity event than a clean rejection of the safe-haven trade.
Over the next few weeks and months, the base case is that energy risk, inflation pressure, and recession fears stay elevated unless there is clear de-escalation. If oil holds firm and gold recovers after the selloff, the market may shift back toward a stagflation or crisis narrative.
Structurally, the transcript argues that the U.S. is entering a more militarized, corporatized, and financially brittle regime where war, debt, and media consolidation reinforce one another. In that world, hard assets and geopolitical resilience matter more than conventional growth optimism.
The gold and silver selloff is not a real safe-haven failure but a sign of price suppression and forced liquidation.
He says gold and silver should be spiking on war, inflation, and energy risk, and argues the decline is being engineered to keep prices down.
A direct U.S.-Israel move against Iran could push oil to $100-$130 and crash global equities and the global economy.
He explicitly links war escalation to a major oil spike and broader market/economic damage.
The U.S. economy was already weakening before the Iran escalation and war is being used to divert attention.
He says equities, business activity, and daily life were deteriorating before the conflict and that 'when all else fails, they take you to war.'
How do you interpret the divergence between rising geopolitical risk and falling gold and silver prices?
Celente says the metals were being held down despite inflationary and geopolitical shocks. He argues gold and silver should have spiked, but instead fell after an initial move because the market is rigged and officials are trying to suppress the signal that would expose U.S. economic weakness.
Who is behind the effort to keep gold prices contained?
He does not point to one single actor, but describes it as a government-linked crime syndicate with officials, markets, and institutions working together. He rejects the idea that it is a normal free market response.
Do you expect this correction in gold and silver to reverse?
Celente says the correction has to happen, meaning the broader distortion cannot last. He then pivots to historical examples to argue that governments eventually act when economic stress becomes undeniable.
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