Gold

Published on
30/03/2026 – 11:15 GMT+2

It is an old market saying, but it has never felt more apt: when people are worried about the future, they buy gold — when they are worried about the present, they sell it.

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While the Iran war has raised longer-term concerns over energy security and global stability, the immediate fallout, in the form of surging oil prices and renewed inflation fears, has forced investors to prioritise liquidity and higher-yielding assets over metals.

Gold hit an all-time high of $5,602 (€4,873) at the end of January and looked to be heading higher still in early March, but has since dropped nearly 25% to a low of $4,100 (€3,567), trading around $4,500 (€3,915) at the time of writing.

The decline marks a dramatic pullback from gold’s extraordinary performance last year.

In 2025, the metal delivered one of its best annual gains in decades, rising more than 60% to record levels as central banks accumulated reserves and investors sought protection amid economic uncertainty.

The drop in 2026 has triggered a swift unwinding of leveraged positions in futures and exchange-traded funds which were riding last year’s tremendous rise.

This sharp reversal defies the traditional role of the metal as a refuge during geopolitical turmoil, with a stronger US dollar and rising bond yields proving far more influential.

Macroeconomic forces override safe-haven appeal

Rising US Treasury yields and a firmer US dollar have been the dominant headwinds for precious metals.

Higher oil prices stemming from the Iran war have lifted inflation expectations, prompting markets to price in fewer Federal Reserve rate cuts or even the possibility of tighter policy for longer, including potential hikes that were previously unexpected.

This has increased the opportunity cost of holding non-yielding gold, while the US dollar’s strength has made it more expensive for international buyers.

The result has been a classic “flight to liquidity” rather than the expected flight to quality risk assets, as leveraged traders facing margin calls accelerated the sell-off.

The correction for metals has been one of the sharpest in recent memory.

Silver shares in gold’s downturn

Silver, which often amplifies gold’s moves, followed with an even bigger drop.

The white metal reached an all time high of $121 just one day after gold, on 29 January, but it has since dropped roughly 50% to as low as $61.

At the time of writing, it is trading at around $70.

Silver enjoyed an even more spectacular rally than gold in 2025, surging roughly 145% thanks to robust industrial demand from solar panels, electronics and electric vehicles, combined with investment buying.

In 2026, however, it has also declined sharply amid the same pressures of US dollar strength and higher yields, although its industrial fundamentals continue to offer longer-term support.

PRAGUE — Ilia Malinin is back on the top step of the podium.

Six weeks after a disastrous skate knocked the Olympic gold-medal favorite off the podium, the “quad god” reeled off one huge jump after another, and a backflip for good measure, to retain his world championship title for the third year running.

Malinin shouted and punched the air with relief after finishing a skate that showed he had achieved his desire to “move on” from the Olympics after days tormented by his mistakes.

He praised the crowd’s support, saying: “It was really challenging, really hard but with you guys I was able to make it through.” His aim, he added, had simply been to get through the free skate “in one piece.”

Skating last after leading the short program, just as he did in Milan, Malinin landed five high-scoring quadruple jumps but not his pioneering quad axel, a jump he didn’t attempt at the Olympics.

Malinin scored 218.11 in the free skate for a total 329.40, far ahead of silver medalist Yuma Kagiyama of Japan on 306.67. Another Japanese skater, Shun Sato, was third on 288.54.

Ilia Malinin performs a backflip during his free skate at the World Figure Skating Championships on Saturday in Prague.

(Petr David Josek / Associated Press)

Kagiyama beat his personal-best free skate score but still had to make do with a fourth career world championship silver in a career which includes four Olympic silvers and five total worlds medals, but no gold from either event. He still embraced Malinin after his skate and they jumped together in celebration.

In a showcase of top-level skating, there was no podium spot for France’s Adam Siao Him Fa, who had been in second after the short program but dropped to fifth overall after a fall. Estonia’s Aleksandr Selevko also fell dropped from third to sixth.

Malinin had no rematch with Mikhail Shaidorov, the skater from Kazakhstan who won the Olympic gold, because he opted against competing again this season.

That’s relatively common in figure skating for gold medal winners who face a rush of media and commercial opportunities after a grueling four-year Olympic buildup.

Malinin becomes the first skater to win three consecutive men’s world titles since fellow American Nathan Chen, who achieved the feat in 2018, 2019 and 2021 after the 2020 event was canceled because of the COVID-19 pandemic.

The last competition of the championships is the free dance portion of the ice dance event later Saturday. France’s Laurence Fournier Beaudry and Guillaume Cizeron are in the lead after Friday’s rhythm dance.

Mary Rand, the first British woman to win an Olympic gold medal in athletics, has died at the age of 86.

Rand secured the long jump title at the Tokyo Games in 1964, also winning silver in the inaugural women’s pentathlon and bronze in the 4x100m relay.

That meant she also became the first British woman to win gold, silver and bronze at a single Olympic Games.

In the long jump, Rand broke the British and Olympic records with her first leap of 6.59m and then smashed the world record on her fifth attempt with an effort of 6.76m.

“Mary was the most gifted athlete I ever saw,” said Ann Packer, who won 800m gold at the 1964 Olympics days after Rand’s triumph and was her room-mate in Tokyo.

“She was as good as athletes get. There has never been anything like her since – and I don’t believe there ever will.”

Rand, whose first husband was British rower Sydney Rand, also won long jump gold at the 1966 Commonwealth Games in Jamaica.

However, injury denied her the chance to defend her Olympic title in 1968 and she retired at the age of 28 the same year.

Born in Wells, Somerset, she was only 17 when she set her first British record in the pentathlon, and she won 12 national titles across long jump, high jump, sprint hurdles and pentathlon during her illustrious career.

Rand was voted the BBC Sports Personality of the Year in 1964 and was awarded an MBE in the 1965 New Year Honours List.

BRIDE-TO-BE Venezuela Fury, 16, looked amazing in her gold dress and tiara as she celebrated her hen do with mum Paris ahead of her wedding.

The teen has enjoyed a whirlwind engagement after it was revealed her boyfriend Noah Price, 17, got down on one knee at her 16th birthday party and popped the question.

The young couple have not yet announced a date for their wedding, but as the hen do was last night, this could be a big hint their big day is getting closer.

Venezuela, who appears in the Fury family’s hit Netflix reality series At Home With The Furys, pulled out all the stops as she stepped out for her bachelorette party.

The teen was dressed in a stunning metallic dress, and matching strappy heels.

Venezuela wore her hair up on top of her head with a tiara and bridal veil.

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She also made sure to flash her huge engagement ring as she made her way into her hen do, which was held at Morecambe Football Club

As Venezuela walked into her party, she told The Daily Mail: “I can’t wait. I’m really looking forward to married life. I’m very happy and excited.”

The youngster was joined by her glam mum Paris, 36, who looked incredible in her white bodycon dress.

The mother-of-eight showed off her stunning figure in the skintight dress.

It has been reported that Venezuela had an estimated 300 guests at the hen party.

According to the Mail, party goers were treated to a huge buffet, Karaoke and a DJ.

When it was announced last September that the teenager had got engaged, there was some backlash from fans, due to her age.

Venezuela has since been forced to hit back at trolls who have said that she is too young to marry.

Earlier this month the teen’s mum Paris, who has seven other children, shared her thoughts on the upcoming wedding.

“I didn’t feel old enough for this, but Venezuela is over-the-moon happy,” she told The Mirror.

“The two of them are in their own little bubble. And, look, I got married myself at 18.”

Although Paris is delighted for Venezuela and Noah, she insisted it is “too soon” for the pair to start having children – saying they want to travel first.

The mother-of-eight also admitted that she’s worried about herself when her eldest child eventually moves out.

She said: “I’ll feel like I’ve lost my arm. It’s going to hit me hard.

“Right now, Tyson’s in training camp in Thailand, the kids are in school, and Venezuela and I… basically co‐parent!

“But I do let her have her space. The weekends are her time. I know she’ll be fine, getting on with an exciting new life. It’s me I’m worried about.”

It comes as bride-to-be Venezuela recently revealed she is already packing up items to move into a house with her fiance Noah, who is a boxer and an East Midlands belt holder.

In a Q&A with fans on Instagram, the teenager confirmed she would be staying with her parents until she is married.

Venezuela told followers: “I’m trying to get everything booked for May/June time, but I’m not sure when it will be.

“I will be in my mam and dad’s home til I’m married.”

In order to get ready to set up her marital home, Venezuela has been buying home items ready and showed off the results from a haul.

Paris also recently opened up about her feelings surrounding Venezuela’s engagement, which has sparked controversy among fans regarding her age.

But speaking to The Sun, the matriarch insisted she’s “really pleased” for her daughter, adding: “I got engaged at 17, so even though I feel she’s young, I did it.

“I wouldn’t change a thing.

“So if that’s what she wants to do, then 100 per cent, me and her dad support her.”

Paris also dropped some hints about Venezuela’s upcoming wedding as she says the teen isn’t “rushing to plan weddings” – in sharp contrast to her daughter’s Instagram remarks.

“She’s not rushing to plan weddings or get married,” she said.

“We have very different tastes.

“She has said she wants a smaller wedding, so if that’s what she wants, I’ll go along with it.”

Gold’s reputation over the past year as the go-to refuge in a crisis is taking a battering as war rages and threatens to expand in the Middle East and financial markets buckle.

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Spot gold plunged to a 2026 low near $4,100 in early trading on Monday before recovering sharply to above $4,400 after US President Donald Trump announced he was postponing military strikes against Iranian power plants for five days following “very good and productive conversations” with Tehran — a swing of around $300 in the space of hours.

The metal has still shed more than 20% since hitting a record high of $5,594.82 an ounce on 29 January.

Silver has lost nearly half its value since hitting an all-time high of $121.67 in January, in one of the more violent collapses in the precious metal’s modern history.

Spot silver was down 8.9% at $61.76 — a year-to-date low and almost half of its $117 level on 28 February, when the Iran war began.

The counterintuitive sell-off has rattled investors who piled into precious metals expecting them to hold firm.

The dollar dropped against the euro after Trump’s comments and traded around $1.1572 to the euro on Monday afternoon, while the pound was up at a rate of $1.3341. The yen traded at around ¥159.47 per dollar.

Oil shocks continue to reverberate

The main culprit is the oil shock. As crude surges past $100 a barrel, bond yields are climbing and the US dollar is strengthening, making precious metals far less attractive to investors bracing for higher interest rates.

The dollar has emerged as one of the clearest safe-haven winners, strengthening over 2% so far this month.

For a non-yielding asset like gold, that is a double blow.

The prospect of higher interest rates as a result of the war is also boosting government bonds among investors, at the expense of precious metals.

Yet seasoned observers urge caution before declaring the gold story over.

Russ Mould, investment director at AJ Bell, points out that gold is in the middle of only its third major bull run since 1971 and that the previous two also caused stomach-churning fluctuations.

“Neither interest rates staying higher for longer nor a stronger dollar may help the investment case for precious metals, but both the 1971-1980 and 2001-2010 bull runs saw several retreats which did not ultimately nullify or prevent major gains,” Mould said.

“So it may be too early to give up on gold just yet,” he continued.

During the first bull run, triggered by Richard Nixon’s decision to decouple the dollar from the gold standard in 1971, gold surged from $35 to a peak of $835 an ounce by January 1980, but not before enduring three mini bear markets and five corrections of 10% or more along the way.

The second run, which began in 2001 amid the wreckage of the dotcom bust and gathered pace through the 2008 financial crisis, was equally volatile, featuring two bear markets and another five double-digit corrections before gold peaked near $1,900 in 2011.

This third advance has been no smoother.

“A swoon of more than 20% caught some bulls off guard in 2022, as the world emerged from lockdowns, and 10%-plus corrections in each of 2016, 2018, 2020, 2021 and 2023 [gold peaks] warned that volatility was never far away,” Mould noted.

The question of dividends

The paradox at the heart of the current sell-off is that the very crisis that might once have sent investors flooding into gold is now working against it.

Rising oil prices fuel inflation fears, inflation fears fuel expectations of higher interest rates and higher rates make gold — which pays no dividend and costs money to hold — less appealing.

“Gold’s status as a haven may now be tarnished in the eyes of some,” Mould said, “as the precious metal is falling in price even as war roils the Middle East and financial markets alike.”

But not everyone is convinced the metal’s moment has passed.

The inflation and stagflation of the 1970s, partly triggered by the oil shocks of 1973 and 1979, ultimately made gold the standout portfolio pick of that decade.

A prolonged conflict that stretches government finances — pushing welfare costs up and tax revenues down, on top of surging defence spending — could yet revive that dynamic.

If central banks respond to recession with fresh rate cuts and quantitative easing, the case for gold as a store of value comes roaring back.

“The war in Iran and its effect on oil and gas prices is stoking fears of inflation and how that could force central banks to raise interest rates,” he concluded.

Residents in Indian-administered Kashmir are donating their gold possessions and cash to support Iranians impacted by the US-Israeli war. Iran’s embassy in India has acknowledged the gesture, saying their kindness ‘will never be forgotten’.

After executing a seismic record-breaking run to smash Jolanda Ceplak’s near 24-year women’s indoor 800m mark last month, Hodgkinson’s attention was fixed firmly on gold in Torun.

This was the final international podium missing from Hodgkinson’s extensive list of honours, after various injuries prevented her from competing at each of the past three editions.

The 24-year-old has also been denied in her three attempts to win world gold outdoors, achieving two silvers and one bronze.

The Briton said that she hoped it would be “fourth time lucky” indoors in 2026 – but she had to overcome misfortune even before beginning her gold medal bid, after the airline which she had travelled with lost her kit.

With her belongings delayed, Hodgkinson was forced to complete her preparations in somebody else’s spikes, which ended up giving her a blister.

But that did not affect Hodgkinson as she dominated Friday’s heat, before cruising to victory in Saturday’s semi-final in a time faster than all but one of her fellow finalist’s personal bests.

Switzerland’s Audrey Werro was the only contender with an indoor best time within three seconds of Hodgkinson’s world record mark, and the Briton’s superiority was evident as she comfortably strode clear inside the venue where she achieved her first international medal five years ago.

Great Britain’s Josh Kerr wins gold in the men’s 3000m at the World Indoor Athletics Championships, with Cole Hocker taking silver for USA and and France’s yann Schrub taking bronze in Poland.

Watch the World Indoor Athletics Championships

Available to UK users only.

WASHINGTON — A federal arts commission on Thursday approved the final design for a 24-karat gold commemorative coin bearing President Trump’s image to help celebrate America’s 250th birthday on July 4.

The vote by the U.S. Commission of Fine Arts, whose members are supporters of the Republican president and were appointed by him earlier this year, was without objection. It clears the way for the U.S. Mint to begin production on the coin, whose size and denomination are still under discussion.

“As we approach our 250th birthday, we are thrilled to prepare coins that represent the enduring spirit of our country and democracy, and there is no profile more emblematic for the front of such coins than that of our serving President, Donald J. Trump,” U.S. Treasurer Brandon Beach said in a statement.

The unprecedented move marks yet another example of Trump and his allies circumventing conventional past presidential practices — and even the law — to get what he wants. It’s the latest instance of Trump putting his name and likeness in the historical archive, following his renaming of the U.S. Institute of Peace, the Kennedy Center performing arts venue and a new class of battleships, among other tributes.

Federal law says no living president can appear on U.S. currency. But Megan Sullivan, the acting chief of the Office of Design Management at the Mint, said the Treasury secretary has authority to authorize the minting and issuance of new 24-karat gold coins, which Scott Bessent has used to get around that prohibition and put Trump on a coin.

She presented the coin’s final design at the commission’s March meeting on Thursday and said Trump had approved it.

“It is my understanding that the secretary of the Treasury presented this design, as well as others, to the president and these were his selection,” Sullivan said.

The White House and the Mint did not immediately respond to electronic and telephone requests for comment.

The front of the coin features an image of Trump in a suit and tie and with a stern look on his face. His fists rest on top of what is supposed to be a desk as he leans forward. Lettering on the top half of the coin spells “LIBERTY” in a slight arc. Directly underneath that are the dates 1776-2026. The words “IN GOD WE TRUST” are at the bottom, with seven stars on one side of the coin and six stars on the other side.

The reverse side depicts a bald eagle midflight with “UNITED STATES OF AMERICA” on the right side and “E PLURIBUS UNUM” on the left side.

“I know it’s a very strong and a very tough image of him, and I think it’s fitting to have a current sitting president who’s presiding over the country over the 250th year on a commemorative coin for said year,” said Commissioner Chamberlain Harris, a top White House aide to Trump.

The coin will be part of a “very limited production run,” Sullivan said, but the number has not been determined. The size and denomination of the coin also have not yet been decided, she said. Some commissioners noted Trump’s fondness for big things as they advocated for the largest size coin.

The Mint, which is part of the Treasury Department, has looked at a size for the Trump coin that is larger than its 1-ounce gold coin, which is about 1.3 inches in diameter, Sullivan said.

Its largest coin is 3 inches, “so we’re looking somewhere in there,” she said.

“I think the president likes big things,” said Commissioner James McCrery II, who was the architect on Trump’s design proposal for a 90,000-square-foot ballroom addition to the White House. The fine arts commission approved that proposal at its February meeting.

Harris told McCrery she agreed with him. She works in the White House as a special assistant to the president and deputy director of the Oval Office.

“I think the larger the better. The largest of that circulation, I think, would be his preference,” Harris said, speaking of Trump.

Superville writes for the Associated Press.

The United States Commission of Fine Arts, a federal agency, has approved plans for a commemorative gold coin that features one of Donald Trump’s recent presidential portraits.

The commission, made up of Trump appointees, voted unanimously in favour of minting the coin on Thursday. But the legality of such efforts has been repeatedly questioned.

Federal law prohibits the depiction of living presidents on US currency. Thursday’s coin, however, may sidestep the rule, as it is intended as a commemorative item, not for circulation as currency.

Still, the Trump administration has advanced other plans to put the president’s face on a $1 coin, in addition to the commemorative gold coin.

Critics denounced both initiatives as unlawful and inappropriate for a sitting leader.

“Monarchs and dictators put their faces on coins, not leaders of a democracy,” Senator Jeff Merkley told the news agency Reuters.

The Citizens Coinage Advisory Committee, a bipartisan federal panel, has previously pushed back against efforts to mint Trump-themed coins.

One of its members, Donald Scarinci, said that the panel and the Commission of Fine Arts are both supposed to approve such designs.

“But we still fully expect them to plough ahead and mint both coins,” Scarinci said of the commission.

The gold coin is set to feature a bald eagle on one side, and Trump on the other, leaning with both fists on the table and staring straight ahead.

The image is a facsimile of a black-and-white image of Trump taken by photographer Daniel Torok and featured in the National Portrait Gallery in Washington, DC.

“I know it’s a very strong and a very tough image of him,” said Chamberlain Harris, a Trump aide who was appointed to arts commission earlier this year.

Harris indicated that the Trump gold coin would be as large as possible. The US Mint currently produces coins as large as 7.6 centimetres, or three inches, which is what Harris said the Trump administration would aim for.

“I think the larger the better. The largest of that circulation, I think, would be his preference,” Harris said, referencing her discussions with the president.

Megan Sullivan, the acting chief at the Office of Design Management at the US Mint, also indicated that Trump had given the design his approval.

“It is my understanding that the secretary of the Treasury presented this design, as well as others, to the president, and these were his selection,” Sullivan said.

Since taking office for a second term, Trump has pushed to leave his mark on the federal government.

In addition to the gold coin and $1 coin that are slated to bear his image, he has placed his name on the US Institute of Peace and the Kennedy Center for the Performing Arts.

Both efforts are the subject of ongoing lawsuits. An act of Congress gave the Kennedy Center its name, designating it as a living memorial to the late John F Kennedy, a president who was assassinated in office in 1963.

Likewise, the US Institute of Peace was established by Congress as an independent think tank dedicated to conflict resolution.

It was the subject of a standoff between its leadership and members of Trump’s Department of Government Efficiency (DOGE) last March, culminating in its employees being forcibly evicted.

Trump has also placed his face on government buildings around Washington, DC, in the form of long banners.

Even the architecture of the city is changing to reflect his tastes: Last October, he tore down the White House’s East Wing in order to build a massive ballroom, and he has plans to build a triumphal arch in the capital, similar to the one in Paris, France.

Trump has pitched many of the changes as part of the country’s 250th anniversary celebrations, which culminate this July.

At Thursday’s meeting to discuss the gold coin, his officials repeated the argument that celebrating Trump was a good way to mark the anniversary.

“I think it’s fitting to have a current sitting president who’s presiding over the country over the 250th year on a commemorative coin for said year,” said Harris.

U.S. hockey star Jack Hughes might have lost more than a couple of teeth during the gold-medal-winning victory against Canada at the Milan-Cortina Olympics last month.

The puck that Hughes smacked into the net in overtime to give the United States its first men’s Olympic hockey gold since the 1980 “Miracle on Ice” was seemingly forgotten amid the raucous celebration.

But this week, the Hockey Hall of Fame began displaying that puck along with the one Megan Keller knocked into the net in overtime to give the U.S. women’s team gold in Milan. The International Ice Hockey Federation apparently secured the frozen vulcanized rubber disks immediately after the games and handed them to the Hall of Fame located in Toronto.

Hughes is happy “his” puck surfaced but believes he is the rightful owner of a piece of memorabilia that David Kohler, president of SCP Auctions, estimated might be worth $1 million.

“I don’t see why Megan Keller or I shouldn’t have those pucks,” Hughes told ESPN. “I’m trying to get it. Like, that’s [B.S.] that the Hockey Hall of Fame has it, in my opinion. Why would they have that puck?”

Hughes might not like the answer. The provenance of the puck is similar to that of a basketball or football used in a notable moment. It is dissimilar to a historic home run because a baseball leaves the field of play, and the owner becomes the fortunate fan.

“Because of the increasing value of memorabilia, ownership of items has become standardized over the last decade or so,” said an expert who agreed to speak anonymously because they work in the acquisition of such items. “Whoever purchased the puck owns it. Jerseys belong to the team, shoes and gloves to the player, the puck to whoever supplied it to the Olympics.”

That would be the International Ice Hockey Federation, the governing body of the Olympics hockey tournament. The IIHF employees who immediately secured those precious pucks amid gold-medal bedlam apparently did their job well.

“The puck was designated for archival preservation with the Hockey Hall of Fame to ensure its long-term safekeeping and historical recognition,” an IIHF spokesperson said.

The pucks are featured in an “Olympics ‘26” display that also contains a hockey stick used by Brady Tkachuk of the U.S. team and a U.S. jersey worn by four-time Olympian Hilary Knight.

It might strike some as odd that the display is in Canada, where fans are mourning the loss to the United States, but that’s been the location of the Hall of Fame since it was established in 1943. HOF president Jamie Dinsmore said in a statement that the display contains “donated items,” although it is unclear whether the IIHF has donated or merely loaned the pucks to the HOF.

“The Olympics ’26 display will help ensure that these unforgettable Olympic moments are preserved for our guests from around the world to experience,” Dinsmore said.

Meanwhile, Hughes told ESPN he wants the puck to become the property of one particular fan — his father, who collects memorabilia for him and his brothers Quinn and Luke. All three play in the NHL.

“I wouldn’t even want it for myself. I’d want it for my dad. I know he’d just love, love having it,” Hughes said. “When I look back in my career, I don’t collect too many things for myself, but my dad’s a monster collector for the three of us. I know he would have a special place for it.”

Or it could be sold at auction, where certainly it would pay for any dental work Hughes needs after getting teeth knocked out during the gold-medal game. Various auction houses have estimated the value of the puck to be from $40,000 to $1 million.

Should he acquire the puck, though, Hughes might not even consider selling it. The first pick of the 2019 NHL draft, he signed an eight-year, $64 million contract extension with the New Jersey Devils four years ago.

From “sticking a pen in a couple” while having a youthful flutter to owning a King George VI Chase winner and potential Cheltenham Gold Cup victor, Harry Redknapp has come a long way in horse racing.

The FA Cup-winning football manager’s love of the sport can be traced back to his grandmother Maggie Brown, who was a bookmaker’s runner in London’s East End, at a time when betting shops and off-course betting were illegal.

On Friday, his horse Jukebox Man will attempt to add the Cheltenham showpiece to his King George win in December.

The King George VI Chase is considered the biggest jumps race of the season before the Cheltenham Festival, while the Gold Cup is described by the Jockey Club as the most prestigious steeplechase in the world.

After claiming a photo-finish victory at Kempton Park on Boxing Day to topple 2024 King George winner Banbridge and 9-4 joint-favourite Gaelic Warrior, Redknapp said: “We’ve come into the Champions League today.”

But can he win jump racing’s equivalent of the Champions League?

“We have a chance, but it is a tough race,” Redknapp told BBC Radio 5 Live:

Among those standing in his way are Gaelic Warrior, Jango Baie, Haiti Couleur and last year’s winner Inothewayurthinkin.

Redknapp said: “Just to have a runner in the Gold Cup is a dream come true.

“We have had so much fun with Jukebox Man, which won the King George on Boxing Day, which is one of the most iconic races in the racing calendar.

“To go to the Gold Cup and to have a runner with a bit of a chance is great.”

Victory would be the crowning moment of a 70-year love affair with the sport that began during childhood.

“My nan would take the bets,” he said. “I’d come out for my school dinner when I’m eight or nine and she was getting put in the back of a police van and taken to Poplar police station.”

Redknapp’s nan would tell him to “stick a pen in a couple“ that would be her bets for the day.

Despite his love of the sport, he has never been tempted to ride – “not for all the money in the world”.

”They get injured, these jump jockeys, and then they come back about three weeks later, he said.

“They’re not like footballers, are they?”

Redknapp owns shares in 26 horses.

“You’re not always successful,” he said.

“For every Shakem Up’arry and Jukebox Man and Taurus Bay, there’s lots of others that never really did anything.”

Adicoff, from Sun Valley, Idaho, has been skiing since childhood – dabbling in both alpine and Nordic skiing before alpine was deemed too dangerous.

He competed against sighted rivals at junior level. After being selected for the US Para-Nordic team in 2013, he went to the 2014 Games in Sochi while still a high school student.

A first Paralympic medal came four years later in Pyeongchang when he finished second behind Canadian Paralympic legend Brian McKeever in the 10km classic event, but he retired after the Games before returning for the 2022 Beijing Games.

Despite high hopes of gold, Adicoff achieved two more individual silvers behind McKeever before anchoring the US team to relay gold for his first Paralympic title.

But it left Adicoff wanting more and with the retirement of 16-time Paralympic champion McKeever the division was wide open.

The American seized his chance to dominate, with World Cup and World Championship success ahead of the Games.

Unlike at Beijing, where supporters did not travel because of the pandemic, athletes at these Games have benefited from being able to be watched by friends and family and Adicoff’s entourage have been enjoying the experience.

Whether they are waving giant faces of Adicoff and his guides Reid Goble and Peter Wolter or wearing hats with his name on it, their presence has been felt at the Tesero Cross-Country Centre

Adicoff, who has another medal chance in Sunday’s 20km event and is also set to go in Saturday’s 4×2.5km mixed relay, may not be able to fully see them while he competes, but he has taken it all in and joined in the post-race celebrations.

“To have so many people that came out and supported us and are going to continue to support us throughout the week. It’s so nice having friends and family here,” he said.

“You see all those white hats up there? It’s so fun to have.

“I love skiing, love ski racing, so it makes finding the motivation kind of easy.”

The licence follows a push from US President Donald Trump to open Venezuela’s resource sector to international investment.

The United States government has authorised a limited licence for the export of Venezuelan gold, following a high-level meeting to expand mining in the country.

On Friday, a notice appeared on the US Department of the Treasury’s website announcing the licence.

It allows Venezuela’s state-run mining company Minerven and its subsidiaries to export, transport and sell Venezuelan gold to the US, within the parameters set out under US law.

Under the licence, however, no Venezuelan gold will be permitted to be exchanged with Cuba, North Korea, Iran or Russia.

The licence also requires payments to sanctioned individuals to flow through Treasury accounts known as Foreign Government Deposit Funds, the same system that has been used to store the proceeds from Venezuelan oil sales.

Minerven and other state-owned industries have faced US sanctions for years, as a penalty for the push to nationalise Venezuela’s resources under former President Hugo Chavez.

But the US has been pushing for inroads into Venezuela’s oil and mining sectors since January 3, when it launched an operation to abduct and imprison the country’s then-president, Nicolas Maduro.

The January 3 military operation has been condemned as a violation of international law, and critics argue that US President Donald Trump has since sought to exploit Venezuela’s natural resources for his country’s gain.

Trump and his allies maintain that Venezuela’s oil resources were stolen from the US, citing the expropriation of assets from US businesses in 2007.

But international law guarantees that countries have permanent sovereignty over their own natural resources, which cannot be exploited by foreign powers without consent.

So far, the government of interim Venezuelan President Delcy Rodriguez has complied with Trump’s requests to surrender oil to the US and open the country’s oil and mining sectors to foreign investment.

Just this week, Rodriguez agreed to send a mining reform law to the country’s National Assembly, following a two-day visit from Trump’s Interior Secretary Doug Burgum.

And in late January, Rodriguez signed into law a separate reform that allowed for the expansion of private investment from abroad in Venezuela’s oil sector and lowered taxes on the industry.

Venezuela’s economy has struggled under tightening US sanctions and government mismanagement, forcing millions of citizens from the South American country to flee its borders over the last decade.

Proponents of the reforms say outside investment can help revive Venezuela’s ailing economy and fund upgrades to its outdated mining infrastructure.

On Friday, Venezuela’s central bank released its first inflation statistics since November 2024, showing that inflation skyrocketed to 475 percent in 2025, when the US placed an embargo on Venezuelan oil exports.

Gold production from Venezuela in 2025 amounted to nearly 9.5 tonnes, according to the government, and the country sits on some of the largest oil deposits in the world.

Caracas, March 5, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez met Wednesday with US Interior Secretary Doug Burgum at the Miraflores Presidential Palace in Caracas to discuss a bilateral agenda focused on energy and mining.

Senior officials from both countries also attended a closed-door meeting, including US Chargé d’Affaires Laura Dogu and Venezuelan Interior Minister Diosdado Cabello. Rodríguez and Burgum later gave a joint press conference.

“We welcomed Burgum to address important aspects related to metallic, non-metallic, strategic and non-strategic minerals,” the acting president told reporters. “We want the Venezuelan people to see the advantage of having good relations with the world and with the United States.”

Rodríguez said that her economic team will soon present a proposal to the National Assembly to “expand” Venezuela’s Mining Law, urging lawmakers to reform it “swiftly” in order to showcase “investment and development opportunities in the mining sector” to both domestic and international business groups.

Venezuela’s current mining legislation was approved in 1999. Rodríguez noted that the government intends to replicate the “win-win formula” of the recent hydrocarbon reform approved on January 29, which introduced wide-reaching benefits for foreign capital in the oil sector.

Under the overhauled legislation, private operators get expanded control over operations, with limited parliamentary oversight and a reduced tax burden.

Rodríguez also thanked US President Donald Trump for a social media post praising the Venezuelan acting president for “doing a great job.” The Venezuelan leader highlighted the US government’s “kind disposition” to work on a “mutually beneficial” cooperation agenda.

For his part, Burgum said that Venezuela is “an extraordinarily rich nation” in oil, gas, and critical minerals, adding that the opportunities for collaboration between the two countries “have no limits.” He serves as chair of the US National Energy Dominance Council as well.

According to the senior White House official, who holds the natural resources portfolio, the potential cooperation could deliver something “truly remarkable” for both the Venezuelan and American people. Burgum’s delegation included representatives from over 20 US and Canadian mining companies, some of them with a past presence in Venezuela.

“These companies are ready to begin,” he said. “I know that [Acting President] Rodríguez, like President Trump, wants to cut bureaucratic red tape so this capital investment can start flowing.”

Among the companies represented in the visit were US firms Peabody Energy—the world’s largest private coal company—Hartree Partners, Orion CMC, Paulson & Co., and Caterpillar Inc., along with Canada’s Lundin Mining Corp and Singapore-based commodities trader Trafigura.

Canadian miner Gold Reserve also announced plans to return to the Caribbean nation and disclosed a 30-day US Treasury license to negotiate with Caracas.

According to Axios, US officials additionally negotiated a multimillion-dollar agreement with Venezuela’s state mining company Minerven to sell up to one metric ton of gold to the US market, currently valued at roughly $165 million.

The deal would require Minerven to supply between 650 and 1,000 kilograms of doré gold bars—a crude alloy of gold and silver with 50 to 90 percent purity—to Trafigura, which would transport the metal to US refineries. The transaction details were not disclosed, including whether Trafigura will deposit payment in US-run accounts in an arrangement similar to the one the Trump administration has imposed for Venezuelan oil exports.

Burgum is the fourth senior US official to visit Venezuela since the January 3 US military strikes and kidnapping of President Nicolás Maduro and his wife, National Assembly deputy Cilia Flores.

Earlier visits included US Southern Command chief Francis Donovan, CIA Director John Ratcliffe, and US Energy Secretary Chris Wright.

Venezuela possesses vast unexplored and proven mineral reserves, including significant gold, iron, bauxite, diamonds, nickel, and copper deposits. Coltan reserves have likewise been touted in recent years.

According to the International Center for Productive Investment (CIIP)—an agency attached to the Venezuelan vice presidency—the country holds the eighth-largest iron reserves in the world, estimated at 14.7 billion metric tons, as well as more than 321 million tons of bauxite, the raw material used to produce aluminum.

Regarding gold, the CIIP estimates that Venezuela may hold between 2,200 and 8,000 metric tons, which would place the country among the largest gold reserves globally. 

Analysts have also highlighted the possibility of finding rare earth deposits in the South American country. The 17 elements have diverse applications in cutting-edge technology and advanced weapons systems. Washington is currently highly dependent on rare earth imports from China.

Edited by Ricardo Vaz in Caracas.

When President Trump announced the initial wave of US and Israeli strikes on Iran at 8:30 a.m. CET on Saturday 28 February, marking the start of Operation Epic Fury, all traditional financial markets were closed.

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Most markets operate Monday to Friday only, meaning weekend developments, however significant, cannot be priced in until trading resumes on Monday morning, creating a bottleneck of reaction at the open.

US equities, futures, major foreign-exchange platforms, commodity markets, Asian and European bourses were all closed on Saturday.

Middle Eastern exchanges, such as those in Saudi Arabia and Qatar, opened on the second day of the conflict, as they trade Sunday to Thursday, but these attract fewer Western participants and, consequently, lack liquidity.

In the past, investors facing such a major geopolitical shock on a Saturday would have been forced to wait until US futures reopened Sunday evening to start pricing in an expectedly chaotic Monday.

Crypto never sleeps

This time, however, they had a genuine alternative — crypto-based platforms that trade 24 hours a day, 7 days a week and 365 days a year, are globally accessible and settle transactions almost instantly.

The standout choice was Hyperliquid, a decentralised perpetuals exchange that offers contracts not only on cryptocurrencies but also on real-world assets including crude oil.

According to on-chain data, trading volume on the platform spiked sharply, reaching peaks near $200mn (€172mn) in a single 24-hour period on Saturday.

The oil-linked perpetual contracts on Hyperliquid, such as OIL/USDH and USOIL/USDH, rose more than 5% almost immediately after the US-Israeli strikes were announced, providing one of the first real-time price signals before traditional markets reopened.

Hyperliquid contracts were not the only instruments drawing attention.

Tether’s XAUT, a token fully backed by physical gold held in vaults, saw its 24-hour trading volume exceed $300mn (€258mn) — a remarkable figure for a weekend.

Prediction markets such as Kalshi and Polymarket also posted massive volumes, while Bitcoin, Ethereum and other crypto tokens were sold off as proxy assets for broader negative risk sentiment.

For the first time in many observers’ memories, crypto markets were effectively “the market” during the weekend.

In a memo published on Tuesday, Matt Hougan, chief investment officer at Bitwise, described it as “the weekend that changed finance”.

Critics will point out that crypto markets remain smaller and more volatile than their traditional counterparts, and that regulatory and operational risks persist.

However, the events of the past weekend showed that on-chain finance is moving from the fringes to the core of global capital markets far faster than most forecasts anticipated even six months ago.

Traditional exchanges accelerate push for 24/7 trading

The success of crypto platforms during the Iran conflict adds to the pressure already felt by legacy financial institutions to follow suit and provide perpetually open markets.

The New York Stock Exchange, owned by Intercontinental Exchange, is actively developing a blockchain-based alternative trading system for tokenised equities and exchange-traded funds that would enable genuine 24/7 trading with instant settlement.

Announced in early 2026 and still subject to regulatory approval, the platform would combine NYSE’s existing matching engine with private blockchain networks for post-trade processing.

Trades could be funded and settled in real time using stablecoins, bypassing the T+1 settlement cycle, which dictates the transfer of securities and the corresponding payment must be completed by the next business day and still governs equity markets.

The tokenised venue has a potential launch window as early as the second quarter of 2026, with broader 22 to 23-hour weekday trading on NYSE targeted for later in the year or early 2027, subject to coordination with the SEC, DTCC and market-data providers.

Nasdaq has filed similar proposals to extend US equities trading to 23 hours a day, five days a week, with an anticipated rollout in the second half of 2026.

These moves represent a direct response to the competitive pressure exerted by always-on crypto venues and the growing frequency of market-moving events that occur outside traditional hours.

The Iran weekend served as a vivid case study.

With hedge funds and proprietary traders already active on Hyperliquid and other decentralised platforms, established exchanges recognise that failing to offer comparable access risks losing order flow permanently.

Tokenisation provides the technological bridge, allowing continuous trading while preserving existing regulatory safeguards around custody, dividends and shareholder rights.

Crypto market bill stalls despite Trump backing

While the crypto infrastructure demonstrated its resilience over the weekend, progress on the legislative front remains frustratingly slow.

The Digital Asset Market Clarity Act of 2025, known as the CLARITY Act, passed in the US Congress last year with strong bipartisan support but has since become bogged down in the Senate.

The primary sticking point is friction between the banking and crypto sectors over the treatment of stablecoin yields under the separate GENIUS Act, which established the first federal framework for stablecoin issuers.

Banks argue that yield-bearing stablecoins could drain deposits, and they have lobbied to close perceived loopholes.

Crypto proponents counter that such rewards are essential for customer retention and innovation.

On Tuesday, President Trump weighed in directly via Truth Social.

“The Genius Act is being threatened and undermined by the banks, and that is unacceptable — we are not going to allow it. The U.S. needs to get market structure done, asap.”

Moreover, President Trump further sided with the crypto sector by stating that “The banks are hitting record profits, and we are not going to allow them to undermine our powerful crypto agenda that will end up going to China, and other countries, if we don’t get the Clarity Act taken care of.”

Despite the presidential intervention and earlier White House meetings between the two industries, no resolution has been reached.

The Senate Banking and Agriculture committees continue to advance differing drafts, and a full vote remains elusive.

With the bill effectively stalled, market participants are left without the regulatory certainty many had hoped would arrive before the end of the first quarter.

The irony is not lost on observers. While crypto markets proved their worth during a real-world crisis, the very legislation designed to integrate them safely into the traditional system remains hostage to lobbying battles.

Until a resolution is achieved, the speed of innovation will continue to outstrip the pace of rulemaking — a dynamic the Iran weekend has only made more apparent.