by Richard (Rick) Mills
Ahead of the Herd
Gold is among the safest of havens in times of war, or any other type of geopolitical instability.
During the 1970s, which saw a number of upheavals in the Middle East including the Iranian Revolution, the Iran-Iraq War, and the Soviet invasion of Afghanistan, gold rose 23% in 1977, 37% in 1978, and 126% in 1979, the year of the Iranian hostage crisis.
Gold also spiked when the US bombed Libya in 1986, when Iraq invaded Kuwait in 1990, after 9/11, and when the US attacked Iraq in 2003. More recently, in 2020 gold reached $2,034 an ounce on fears of the coronavirus spreading and causing economic devastation.