What’s Up w/Stocks, Cryptos, Gold & Silver? Brian Mudd’s Weekly Market Update March 24th, 2026
Iran & the partial government shutdown & inflation remain in focus entering this week...
Bottom Line: My first rule of money... Never let your money and emotions cross paths. This story is a weekly wake-up call to show you the near-worst-case scenario for stocks and crypto. Why? So, you can plan your financial future with a cool head, not a racing pulse. The odds of a near-worst case outcome almost certainly won’t happen, however if your plan accounts for it – it can help you manage even the most trying markets like what we’ve experienced this year.
The US stock market is history’s ultimate wealth-building beast. Crypto? It’s minted millionaires from early believers. Fact: Over 90% of the time, investors who try to “time” the market end up poorer than if they just stuck to their original investments. This is about dodging that trap.
Here’s how the big three indexes have fared in 2026:
- DOW: -4% (-3% last week)
- S&P 500: -4% (-3% last week)
- Nasdaq: -6% (-3% last week)
As we’ve entered the fourth week of the Iran war, we also have four consecutive weeks of declines for stocks alongside of it. As a result of the selling, we’re now closer to a correction for stocks, a decline of 10% or more, than we are from recent record highs. Still, to this point selling has been slow, steady, and orderly (intraday volatility based on the news cycle notwithstanding). What we haven’t had are investors running for the exits with panic selling a la what briefly occurred during last year’s Liberation Day selloff.
Meanwhile, crypto currencies resumed their massive bear market selloff last week after a couple weeks of relative stability with leading tokens to start the year as risk-off investors, including many institutional investors, have reduced or eliminated positions as the thesis that Bitcoin is “digital gold” and Ether is “digital silver”, during times of uncertainty has failed.
- Bitcoin: -20% 2026 (-8% last week)
- Ether: -28% in 2026 (-11% last week)
- BitwiseETF (Top 10 cryptos): -24% in 2026 (-6% last week)
Perhaps the most notable movement of the past week, was/is the massive selloff in gold and silver. Both commodities had been the best performers over the prior two years – however following the biggest weekly selloff for gold since 2011, and an even bigger selloff for silver, gold has given up most of its gains for the year with silver having turned negative. It’s notably that gold and silver have been the worst performing asset class since the onset of the Iran war. While there are multiple reasons for the selling, including profit taking by investors who’d scored huge gains over the prior two years, one of the most significant is the strength of the US Dollar. Since the onset of the war, the value of the US Dollar has risen by 2% (a big move by currency standards). With all commodities being US Dollar denominated, a stronger Dollar equals lower commodity prices if all other factors are equal.
- Gold: +2% 2026 (-9% last week)
- Silver: -1% in 2026 (-15% last week)
As for the big picture stuff entering this week...
It’s not quite as easy as looking at what oil prices are doing day to day and being able to determine what stocks will do – but it’s been close to that. A lack of clarity/visibility in outlooks is an enemy of stock market performance as large investors often will sit on the sidelines until there’s a better understanding of what the macro-economic outlook may be.
Oil prices had been flirting with $100 per barrel once again prior to President Trump’s announcement of constructive talks with Iran and a five-day pause of attacks on Iran’s energy infrastructure – which had been threatened over the weekend. Oil dropped to as low as $85 per barrel – two week lows, prior to bouncing back to about $90.
While Iran has taken up most of the oxygen in the room last week’s inflation news wasn’t helpful and the PPI, or wholesale inflation, has reaccelerated to 3.4% through February, prior to the onset of the Iran war ensuring that the Federal Reserve won’t be cutting interest rates for the foreseeable.
Now for valuation calculations – starting with cryptos...Here’s a look at where they stand. I can’t value cryptos because they have no inherent value. Stocks, though? They’ve got bones. Let’s break down the S&P 500:
- Current P/E: 28.19
- Historic Avg. P/E: 16.21
Translation: On earnings alone, the maximum downside risk is a 42% drop from here, 1% less risk compared with a week ago as stock prices fell faster than fundamentals. The market is 6% off its risk adjusted highs, though it remains historically expensive as it’s priced near the highest multiple of the current bull market cycle.
So, What’s Your Move?
If a 42% dip wouldn’t derail your life, you’re probably golden. If it would? Time to call a pro and build a plan that doesn’t leave you sweating bullets—or making mistakes.