Here's What to Expect for Gold and Silver Mining Stocks as the Iran Conflict Continues

By Lee Samaha – Mar 29, 2026 at 11:15AM ESTKey PointsGold and silver are not immune from a general sell-off in assets. The long-term case for both metals remains attractive.However, now may not be the best time to jump in. Sometimes the narrative and investor perceptions don't fit the reality. Investors are forced to realign the way they think about an asset class or, in this case, the asset classes of gold and silver or buying gold miners like Newmont (NEM +2.76%) or a silver miner like Hecla Mining (HL +4.30%). While the two precious metals have different dynamics, they have both surged in recent years, driven by speculative investment that somewhat unwound during the recent broad-based market sell-off. That wasn't supposed to happen to so-called safe-haven investments, but that moniker needs some qualification. Speculative investment has driven gold and silver higher Whenever there's a broad sell-off in assets, investors look to raise cash by selling, and it's understandable if they take profits on assets that have soared in recent years, like gold and silver. That sell-off will be more pronounced if demand for gold and silver comes primarily from speculative investment rather than from underlying demand, such as from the jewelry, electronics, technology, or industrial sectors. Image source: Getty Images. There's evidence of growing investment demand but declining underlying demand amid rising prices for both metals. Jewelry demand declined in 2025, and so did Central Bank demand. The latter is somewhat surprising, given that the bull case for gold often rests on the idea that Central Bank buying will drive gold prices higher. Gold Demand (tonnes) 2024 2025 Change* Technology 326 tonnes 323 tonnes (3) tonnes Jewelry 2,026 tonnes 1,638 tonnes (388) tonnes Investment 1185 tonnes 2,175 tonnes 990 tonnes Central Banks 1092 863 tonnes (229) tonnes Total 4,630 tonnes 4,999 tonnes 370 tonnes Data source: World Gold Council Research. *Numbers may differ due to rounding. Turning to silver, declining underlying demand is again offset by increased investment demand, but unlike gold, it's not enough to fully offset it. Silver Demand (million ounces) 2024 2025 Change* Industrial 681 million ounces 677 million ounces (3) million ounces Photography 26 million ounces 24 million ounces (1) million ounces Jewelry 209 million ounces 196 million ounces (13) million ounces Silverware 54 million ounces 46 million ounces (8) million ounces Net physical investment 191 million ounces 204 million ounces 14 million ounces Net hedging demand 4 million ounces 0 (4) million ounces Total 1,164 million ounces 1,148 million ounces (16) million ounces Data source: The Silver Institute.* Numbers may differ due to rounding. What it means to gold and silver investors The increases in speculative demand suggest that silver and particularly gold are prone to a broad-based sell-off, so the idea that they will be a near-term safe haven is questionable. There is a long-term case for gold, given its potential to replace the U.S. dollar as a reserve currency at Central Banks, not least due to rising U.S. debt levels and the threat of the weaponization of finance in a world rife with geopolitical tensions. Image source: Getty Images. There's also a strong case for silver, given its importance to the industrial sector (gold and silver demand from technological and industrial sources remained relatively stable) and use in data centers. But now may not be the best time to buy in, as volatility around the Iran War will only end when the conflict does, which could mean more speculative money flows out of gold and silver in the near term.Read NextMar 27, 2026 •By Neha ChamariaWhy Newmont Mining Stock Rebounded on FridayMar 27, 2026 •By Todd ShriberHere's How the Plummeting Price of Gold Is Affecting This Leading Gold Mining StockMar 25, 2026 •By James HalleyHere Are 2 Mining Stocks to Buy on the DipMar 22, 2026 •By Rich SmithHere's Why High Oil Prices Are Hurting Precious Metals Mining StocksMar 20, 2026 •By Neha ChamariaThese 5 Mining Stocks Are Tumbling on the Fear That the Federal Reserve May Delay Interest Rate CutsMar 19, 2026 •By Neha ChamariaWhy Did Newmont Stock Just Crash Below $100?About the AuthorLee Samaha is a contributing Stock Market Analyst at The Motley Fool covering industrials, electricals, energy, materials, transportation, and infrastructure stocks. Prior to The Motley Fool, Lee was a Civil Engineer and Investment Manager. He holds a Bachelor of Civil and Structural Engineering from Southampton University and a Certificate in Investment Management from Chartered Institute for Securities & Investment. Lee first cut his investing teeth on The Motley Fool bulletin boards (commonly referred to as the “Fool Boards,”) and he’s infinitely grateful to all of the investors he learned from in this powerful investing community.TMFSaintGermainX@LeeSamahaStocks MentionedNewmontNYSE: NEM$101.82(+2.48%)+$2.46Hecla MiningNYSE: HL$17.93(+4.30%)+$0.74*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.