Summary

• The gold price was unusually volatile during the first quarter of 2026. Gold ended March at $4,668 per ounce for a gain of nearly $350, or 8.1%.
• Although geopolitical and other disruptions can be supportive to the gold price, often the initial market reaction is to sell gold.
• During January and February, gold equities gained about 35% and then gave up all those gains in March before recovering a little for a gain of 6.4% for the quarter, which is less than the rise in the price of gold.

Portfolio Observations

The gold price was unusually volatile during the first quarter of 2026. Gold ended March at $4,668 per ounce for a gain of nearly $350, or 8.1%. Gold extended last year's gains during January and reached an