This Week in Review | Iran Conflict Volatility, March PMIs, Gold’s Recent Sell-Off (Mar. 27, 2026)
The analysis covers recent market volatility driven by Iran conflict developments, March PMI readings showing global economic resilience, and gold's counterintuitive 18% decline despite geopolitical uncertainty. The overarching message emphasizes market discipline and patience over emotional reactions to volatility.
Summary
This week's market review focuses on three major developments affecting investors. First, global markets experienced significant volatility as stocks initially surged and oil fell following news of delayed U.S. strikes on Iran's energy infrastructure, but then reversed course with stocks declining toward correction territory. The analysis emphasizes that markets efficiently price in information almost instantaneously, making timing attempts futile, and references historical examples like the 2022 Russia invasion and recent tariff-related declines that were followed by recoveries. Second, March flash PMI readings across the U.S., UK, eurozone, and Japan showed continued economic resilience with all regions maintaining expansionary territory above 50. Particularly notable was the eurozone manufacturing PMI jumping to 51.4, marking three-year highs, though supply chain disruptions from the Iran conflict were evident in lengthening delivery times. The key insight is that global economic reality is exceeding pessimistic expectations, suggesting the bull market has room to continue. Third, gold's performance defied conventional wisdom as the supposed safe-haven asset fell 18% from its January peak of $5,400 per ounce despite ongoing geopolitical tensions. This decline is attributed to conflicting forces where inflation fears that typically boost gold also drive expectations of higher interest rates, making non-yielding assets like gold less attractive. The analysis concludes that gold's unpredictability makes it unsuitable for long-term strategies compared to stocks.
About this episode
The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • The Middle East conflict and ongoing market volatility • March flash PMI readings • Gold’s recent sell-off Chapters: 0:00 Intro 0:31 Market Volatility 2:35 Flash March PMI 4:15 Gold's Sell-Off 5:47 Outro Want to dig deeper? • Why investors should know something others don’t before trading based on the Iran conflict: https://www.fisherinvestments.com/en-us/insights/market-commentary/why-war-winner-trades-are-off-base • Why gold is falling amid war and inflation fears: https://www.fisherinvestments.com/en-us/insights/market-commentary/the-golden-paradox Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview27Mar2026 Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.
Key Insights
- Markets efficiently price in widely known information almost instantaneously, making attempts to outsmart the market during uncertainty often a losing game
- The global economy is showing greater resilience than many anticipated, with PMI reality measuring up better against expectations even with significant headwinds
- Gold's decline despite geopolitical uncertainty occurs because inflation fears that boost gold also lead to higher interest rate expectations, making non-yielding gold less attractive
Topics
Transcript
[0:06] Hello and welcome to This Week in Review. This weekly segment is designed to highlight a few important developments you may have missed this week, what they mean for markets, and most importantly the potential impact for investors. To stay up-to-date with our latest market insights, subscribe to our YouTube channel or visit FisherInvestments.com. Now let's review what happened this week. First, navigating recent market volatility. This week, global markets have been anything but calm. On Monday, [0:39] stocks surged and oil prices fell following news that President Donald Trump would delay strikes on Iran's energy infrastructure. Since then, stocks have continued to fall while oil has continued to climb. As of filming, the S&P 500 is nearing that…
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