Gold Price Outlook: Oil Futures Disagree With Stock Markets

The World Gold Council’s April commentary carries a loaded title: “The Return of Transitory.” It’s a warning — equity markets have priced the Iran-Hormuz crisis as a passing shock, but oil futures are pricing a 22–25% premium over pre-crisis levels through year-end. One of those markets is wrong, and that gap is the most important signal in gold right now.
