Image Source: Pixabay

It was a rather unusual start to the week for the gold, silver, and oil markets, as all three were somewhat volatile in their pricing on Monday. Which makes enough sense, although to see the metals flat on the day, while oil was actually down over $6 following the news of the strikes in Iran, and a threat by Iran to close the Strait of Hormuz, was a bit surprising.

The gold futures were volatile throughout the day, spending part of it in negative territory, then rallying, before coming back down to finish basically flat.

Here you can see a similar pattern in the silver chart.

Yet again, the real stunner was the reaction in the oil market.

I suppose on one hand, you could say there had been a significant rally leading up to the weekend's events, and maybe the market was somewhat overbought. I also understand that while Iran has threatened to close the Strait of Hormuz, that's a bit different than actually doing it. And there was also the news that Iran retaliated on Monday, although there were reportedly no casualties.

Yet still it's somewhat surprising to see the oil price down almost 9%, especially just a day after Goldman Sachs put out a special report suggesting that a closure could send the oil price to the $120-$150 per barrel range.

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