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Private Markets

The conflict in the Middle East drives up gold prices and roils global markets

Published 23 March, 2026


Private investors have long treated gold as a crisis hedge. What the current geopolitical moment is revealing is how that instinct is becoming something more deliberate and structural.

The answer lies in something more fundamental: a growing recognition that gold's scarcity is fixed, while fiat supply is not. As more investors move from treating gold as a last resort to holding it as a deliberate, long-term position, the asset is undergoing a quiet reclassification.

Our Founding Partner, Patrice Mesnier, shared his perspective on this shift with Euronews, as tensions in the Middle East continue to reshape how private investors think about capital preservation. 

Read the full article here:
https://es.euronews.com/business/2026/03/06/el-conflicto-en-oriente-proximo-dispara-el-oro-y-agita-los-mercados-globales
 
Quotes from Oldenburg

“The immediate reaction is predictable: when there is a major geopolitical upheaval, private buyers turn to coins and bullion. What distinguishes the current moment is the persistence of this demand.”

“At a deeper level, there is a slow erosion of confidence in dollar-denominated assets, the inflationary effect of persistent geopolitical fragmentation, and a growing awareness, no longer just in institutional circles, that gold retains a stable intrinsic value precisely because its production cannot be significantly increased”

— Patrice Mesnier, Founding Partner