Dr. Nomi Prins: Iran War, Uranium 'Ultimate' Beneficiary & Gold's Continued Rise

Dr. Nomi Prins argued that the Iran/Strait of Hormuz shock keeps the near-term backdrop constructive for gold because any hypothetical easing would not quickly repair supply backlogs or unwind the inflation impulse. Her core view is that elevated oil, sticky inflation, and rising bond yields are creating a macro environment where gold can continue to grind higher as a hedge against geopolitical and rate volatility. The discussion, as described, also highlights a clear divergence between market narrative and physical constraints: even if the strait crisis were resolved, Prins said transport bottlenecks and supply chain delays would likely persist, delaying any meaningful relief to energy prices. That matters for precious metals because it reinforces the inflation-risk bid under gold while keeping broader risk sentiment fragile. Near term, the key catalyst is whether bond yields keep rising faster than inflation expectations, which would pressure non-yielding metals, or whether geopolitical stress and energy-driven inflation dominate. On balance, the interview frames gold as a beneficiary of persistent Middle East risk and higher inflation, while also implying uranium could be an even more direct geopolitical winner if nuclear/energy security concerns intensify.