Originally published at: https://peakprosperity.com/gold-silver-plunge-amid-global-sell-off-white-house-caught-copying-israeli-lobby-report/
Economy
Gold prices fell from $4,720 to $4,318 in three hours today, while silver dropped 14 percent from $75 to $64. Gold hit a high of $5,589 in January, spiked to $5,423 on Hormuz news, then fell over 6 percent in one session to near $4,488—its worst week since 2011 and longest losing streak since 2023. Silver fell 35 percent in 15 days. Gold ETFs recorded $6.3 billion in outflows in March, the largest monthly withdrawal in 13 years, with U.S. holdings down 30 tonnes in a week and 62 tonnes over three weeks. The sell-off coincided with oil above $112 per barrel, as the Federal Reserve held rates at 3.5 to 3.75 percent and signaled one 2026 cut, lifting 10-year yields to 4.2 percent and the Dollar Index toward 99.9. Analysts attribute much of the decline to mechanical factors such as margin calls and rising yields, with physical demand reportedly intact.
Also declining, Asian stock markets reportedly lost $1.4 trillion in a single day after President Trump’s 48-hour ultimatum to Iran. South Korea’s KOSPI fell 6.1 percent ($300 billion), Japan’s Nikkei 225 dropped 4.8 percent ($420 billion), Taiwan’s TAIEX declined 2.83 percent ($150 billion), Hong Kong’s Hang Seng lost 3.41 percent ($140 billion), Singapore’s STI fell 2.20 percent ($40 billion), Australia’s ASX 200 dropped 2.4 percent ($55 billion), China’s SSE Composite declined 2.50 percent ($220 billion), India’s Nifty 50 fell 1.26 percent ($65 billion), and New Zealand’s NZX 50 lost 1.3 percent ($10 billion). U.S. markets had not opened as of this writing.
Meanwhile, a former Bank of Russia advisor stated that a near-shutdown of the Strait of Hormuz could trigger a fertilizer supply shock, leading to higher food prices within six to nine months. Urea prices have reportedly risen 25 to 30 percent since February 28, with Gulf producers declaring force majeure on contracts to South America and Asia, stranding about one million metric tons. Russia, a major supplier of ammonia, nitrogen fertilizers, and potash, exports over 45 million tons annually, much to the Global South. The advisor outlined a timeline of immediate price spikes and contract disruptions, followed by reduced planting and lower yields in Q3-Q4 2026, and food inflation in 2027 for import-dependent economies.
Relatedly, a simulation by Austrian researchers indicates that a prolonged closure of the Strait of Hormuz could disrupt global supply chains, affecting exports worth up to $1.2 trillion. Short disruptions of two weeks would have limited impact, according to the simulation, but blockages exceeding four weeks could lead to port congestion and rescheduled routes. The simulation shows Britain with the highest exposure in Europe, at $12 billion in annual imports through the strait, including $5.9 billion in Qatari LNG and propane. Major Asian economies, including China ($97 billion), India ($74 billion), and Japan ($63 billion), would face significant impacts from disruptions in oil, LNG, iron, steel, rare gases, and fertilizers, per the simulation.
Spikes in energy prices have been more immediate, and the European Union is considering electricity tax cuts and subsidies to address rising energy costs linked to the Iran war. Electricity taxes average 15 percent, sometimes exceeding gas taxes by up to 15 times. Household prices averaged 28.72 euros per 100 kWh in early 2025, with taxes at 27.6 percent of costs. Energy accounts for 56 percent of prices, grid charges 18 percent. The Commission plans to mandate lower electricity taxes than for fossil fuels, relax state aid rules, improve grid efficiency, and review the Emissions Trading System by July. Italy has suggested suspending the ETS if needed, potentially cutting prices by 25 to 30 euros per megawatt-hour.
Lastly, Iran has introduced a new 10 million rial banknote, its highest denomination, worth about $7, to address cash demand and manage inflation amid the war. Banks have distributed the pink note, featuring the Jameh Mosque of Yazd and Bam Citadel, surpassing the recent five million rial note. Annual inflation reached 47.5 percent in February, with food and drink inflation over 105 percent after subsidies ended. The rial reportedly weakened to 1.66 million per dollar before the war but strengthened to 1.5 million recently due to reduced foreign trade and canceled trips. Long lines have formed at ATMs over fears of electronic system failures, reportedly exacerbated by strikes on banks like Bank Sepah. Iranian authorities emphasize that the issuance addresses seasonal demand alongside electronic banking priorities.
Geopolitics
A White House statement on March 2, 2026, titled “The Iranian Regime’s Decades of Terrorism against American Citizens,” listed 44 incidents causing 992 U.S. deaths. An analysis reportedly traced the document nearly word-for-word to a June 19, 2025, Foundation for Defense of Democracies report by former AIPAC employee Tzvi Kahn. The FDD has been described in leaked Al Jazeera footage as an asset of Israeli intelligence, according to a former Israeli Ministry of Strategic Affairs official. Minor edits reportedly amplified allegations, such as adding “Iranian-backed” or changing “Iran” to “Iranian regime.” No official responses from the White House or FDD to the plagiarism claims have been reported.
Turning to the Iran War, Saudi Arabia has granted the U.S. expanded access to King Fahd Air Base in Taif, which is farther from Iranian drones than Prince Sultan base and near the Jeddah logistics hub. The UAE has indicated readiness for a war lasting up to nine months. Both nations reportedly lobbied against U.S. strikes initially but shifted after Iranian attacks, including 338 missiles and 1,740 drones on the UAE and strikes on Qatar’s Ras Laffan refinery, affecting 17 percent of its gas production. Saudi Foreign Minister Prince Faisal bin Farhan condemned Iran’s actions and reserved military options. Gulf states have transferred Patriot interceptors among themselves without U.S. approval and are considering defensive roles in the Strait of Hormuz. Gulf states have also reportedly welcomed Trump’s postponement of strikes on Iranian power plants.
Back in the Americas, Cuba’s national power grid collapsed entirely for the second time in a week, following outages on March 4 and Monday. The state utility reported total disconnection at 18:32 local time. The U.S. oil embargo, imposed after deposing Venezuela’s Nicolas Maduro in January, has cut off Cuba’s main supplier. Venezuela, Mexico, and others have halted shipments under U.S. pressure, including tariff threats. Sanctions also block Russian oil to Cuba despite temporary lifts elsewhere. Trump administration officials, including Secretary of State Marco Rubio, have expressed support for regime change on the island. However, some accounts attribute the blackouts primarily to Cuban mismanagement of aging infrastructure.
Energy
Slovenia has become the first European country to ration fuel, limiting private vehicles to 50 liters per day and businesses to 200 liters, due to cross-border stockpiling and shortages from the Iran war oil crisis. Critics in Slovenia partly blame domestic price controls and political maneuvering for the shortages.
Adding to potential supply limitations, Ukrainian drones struck Russia’s Primorsk oil terminal on the Baltic Sea overnight March 22-23, igniting fuel storage tanks at the endpoint of the Baltic Pipeline System, which handles up to 1.5 million barrels per day or 100 million tonnes yearly. Operations at Primorsk and nearby Ust-Luga have halted. Russia reported intercepting over 70 of 249 drones, with 70 over Leningrad region. The strike, 1,087 kilometers from Ukraine, reportedly disrupts Urals crude exports, including shadow fleet shipments funding Russia’s war. Combined with the Hormuz closure affecting 20 million barrels daily and 7-10 million shut-in, global oil faces dual chokepoints. Brent exceeded $114 per barrel after the IEA released 400 million barrels from reserves. Russian officials described the damage as limited to one tank amid effective interceptions.
US Politics
The U.S. Treasury and Education Departments have announced a partnership for Treasury to handle collections on $1.7 trillion in federal student loans, amid an overhaul reducing the Education Department’s role. Fewer than 40 percent of borrowers are repaying, with 25 percent in default. Secretary Linda McMahon stated the Education Department was not meant to act as the nation’s fifth-largest bank. Treasury will provide operational support for defaulted and non-defaulted debt. Other functions will shift to the Labor, Interior, Health and Human Services, and State Departments. The National Education Association called the moves illegal, while Protect Borrowers urged congressional oversight on borrower rights.
Epstein Files
A piece of investigative journalism by the Miami Herald has indicated that, days after Jeffrey Epstein’s death on August 10, 2019, at Manhattan’s Metropolitan Correctional Center, an inmate reported bags of shredded documents from the Bureau of Prisons’ After Action Team office being dumped. A corrections officer alerted the FBI on August 16 about the unusual volume, suggesting investigation into potential destruction of records. Prosecutors noted missing institutional count slips requested on August 12. Three probes followed Epstein’s death, ruled a suicide: one on the death, another on obstruction via shredding, and a “Color of Law” blackmail case involving an officer. Investigations shifted to the Justice Department’s Office of Inspector General. Officers Tova Noel and Michael Thomas faced charges later dropped after deferred prosecution. Suspicious bank activity for Noel reportedly included flagged cash deposits during Epstein’s incarceration. One account claims the shredding allegation lacks evidentiary support and has been debunked.
Sources
Iran’s Strait of Hormuz Blockade: Simulation Warns of $1.2 Trillion Global Supply Chain Devastation
Simulation reveals how the blockade could affect exports worth up to $1.2 trillion
Source | Submitted by Walberga
Bombshell: Israeli Lobby Ghostwrote Trump’s Case for War on Iran
The entire case used to justify the war came from the Israeli lobby.
Source | Submitted by richcabot
Ex-Bank of Russia Advisor: Hormuz Shutdown to Trigger Food Price Shock in 6-9 Months
A near-shutdown of the Strait of Hormuz is triggering a supply shock that will show up in food prices 6–9 months from now.
Treasury Takes Over $1.7T Student Loan Collections in Education Dept. Overhaul
The U.S. Department of the Treasury and the Department of Education (ED) jointly announced a new partnership under which the Treasury will assume responsibility for collecting on defaulted federal student loan debt
Iran’s New 10 Million Rial Note: $7 of Inflation Relief in Wartime Chaos
Iran Issues 10 Million Rial Banknote Amid Soaring Inflation
Saudi Arabia and UAE Edge Toward US-Israeli War on Iran, Granting Key Base Access
“The attitude in Riyadh has shifted towards supporting the US war as a way to punish Iran for strikes”
EU Weighs Electricity Tax Cuts, Subsidies as Iran War Fuels Energy Surge
The European Union is weighing electricity tax cuts and targeted subsidies to shield consumers and industry from surging energy costs amid the ongoing Iran war
Exclusive: Shredded Documents Haul at Epstein’s Jail Sparks Cover-Up Fears
“They are shredding everything,”
Cuba’s Grid Collapses Again as Trump’s Oil Squeeze Intensifies
The whole of Cuba was left without electricity for the second time in a week as the US oil embargo pushes the country’s national grid to breaking point.
Gold and Silver Erase $2 Trillion in 3 Hours Amid Middle East War—Signal of Impending Chaos
Gold and silver just lost $2 trillion in 3 hours. In the middle of a war. Something is very wrong.
Gold Crashes in War: Oil Spike Hands Safe-Haven Crown to Dollar
The war made gold crash because the war made oil spike and the oil spike made the Fed hawkish and the hawkish Fed made the dollar the better safe haven.
Slovenia First in Europe to Ration Fuel Amid Iran War Oil Crisis
Slovenia just became the first country in Europe to ration fuel.
$1.4 Trillion Stock Wipeout: Asian Markets in Freefall After Trump’s Iran Ultimatum
Total estimated wipeout: $1.4 trillion in a single day
Gold ETFs’ Historic $6.3B Sell-Off: Sharpest Precious Metals Plunge in Decades
Gold and silver ETFs just experienced one of the sharpest sell-offs in history
Two Wars, Two Chokepoints: Ukraine Torches Russia’s Primorsk Oil Terminal
Two wars. Two chokepoints. One global oil market.
In addition to sources submitted by community members, the following were also used in the creation of this report: Anas Alhajji’s Substack, R (@Why__Knot), Uncle Klaus (@KlausUncle), CC LP (@CCapLP), Iran’s Central Bank, Financial Times, WhiteHouse, Ranjit Bhutani, TightSpreads, @TheSimplifier7, @FinnovateLive, Stephen McIntyre, Clash Report, Frank Gardner (BBC), VoxUmmah, Politico, jruddy99, @Native_living, Monika Gregorcic, Borut, TASS, and Governor Alexander Drozdenko.
