David Woo: Multi-Year ‘Proxy War’ in Iran & Why Gold Is No Longer a Safe Haven

Stijn Schmitz welcomes a new guest to the show David Woo. David is a Macro Analyst and Former Wall Street strategist. In this wide-ranging interview, Woo provides insights into the current geopolitical and economic landscape, focusing on the ongoing conflict in the Middle East and its potential implications for global markets. Woo argues that the current war represents the first proxy conflict between the United States and China, with Iran playing a strategic role. He suggests that the conflict’s outcome could significantly impact global dynamics, particularly concerning oil trade and maritime control. Specifically, he highlights the potential for China to resist US control of the Strait of Hormuz, drawing parallels to historical conflicts like Japan’s attack on Pearl Harbor. Regarding gold, Woo offers a nuanced perspective. He explains that gold’s recent performance has been more closely correlated with stock market movements, driven largely by retail investor behavior rather than traditional fundamental drivers like inflation or de-dollarization. While he remains long-term bullish on gold, he believes the metal’s short-term performance is more tied to broader market sentiment. On oil markets, Woo is fundamentally bearish, citing massive global production increases from non-OPEC producers like Ghana, Venezuela, Brazil, and the United States. He anticipates oil prices will eventually collapse, particularly once the current conflict resolves. He also sees potential opportunities in defense-related sectors, believing increased military spending is likely in the conflict’s aftermath. Woo’s analysis extends to broader geopolitical trends, including the potential reshaping of global economic relationships. Timestamps: 00:00:00 – Introduction 00:00:40 – Guest Introduction and Welcome 00:03:30 – Gold’s Correlation with Stocks 00:06:38 – Retail Investors Driving Gold 00:10:54 – De-dollarization and Inflation Trends 00:13:00 – China’s Gold Buying Impact 00:15:17 – Energy Outlook 00:19:22 – Iran Off-Ramp? 00:21:56 – War Outcomes and Military Spending 00:23:00 – Conflict Outcomes 00:25:00 – Hormuz in Dire Straits? 00:27:15 – Proxy War with China 00:30:30 – Petrodollar System Status 00:32:57 – Oil Futures Curve Analysis 00:34:22 – Oil Demand 00:37:30 – Short-Term Approach 00:38:33 – Rare Earth Metals 00:41:00 – His Book and Gold Guest Links: Website: X: YouTube: Formerly Head of Global Interest Rates and former senior Wall Street strategist, David built his reputation by challenging consensus thinking — calling Trump’s 2016 election, the post-COVID rebound, and major macro inflection points before they happened. One of the most respected macro strategists on Wall Street, today he brings that same independent, data-driven analysis directly to retail investors — free from institutional bias, groupthink, and agendas. He is joined by John Hopkinson, PhD, a mathematician trained at MIT, who translates David’s macro vision into precise, actionable trading strategy — complete with stock selections, targets, and stop levels published every week.

You can listen to David Woo: Multi-Year ‘Proxy War’ in Iran & Why Gold Is No Longer a Safe Haven online on Radio and Podcast. Open the player on this page to stream the available audio.

David Woo: Multi-Year ‘Proxy War’ in Iran & Why Gold Is No Longer a Safe Haven is an episode from Palisades Gold Radio by Collin Kettell.

This episode is 44:42 long.

This episode was published on Mar 26, 2026.

Yes. Use the heart button on the episode page to add it to your favorite episodes list.

Yes. This page shows related episodes from Palisades Gold Radio when more episodes are available from the podcast feed.