Gold and silver investing has surged to unprecedented levels in early 2026, even as a major war erupts in the Middle East between the United States, Israel, and Iran. According to data from BullionVault, the world’s leading online marketplace for physical precious metals, investor interest remains extremely strong despite short-term price swings.
BullionVault, which stores over $10.7 billion in gold, silver, and other metals for clients—mostly from Western Europe and North America—reports that the daily number of first-time investors so far this year is 559.2% higher than the average over the past decade. This boom has driven the total number of gold owners up by nearly 20% (+19.6%) compared to the same time last year. Silver ownership has grown even faster, jumping 40.1%, marking the strongest increase since the post-pandemic period in 2021.
The surge comes amid escalating geopolitical tensions. Starting on February 28, 2026, the U.S. and Israel launched coordinated strikes on Iranian targets, including military sites and leadership, in what has been described as an ongoing conflict aimed at addressing threats like Iran’s nuclear and missile programs. The war has caused significant instability, with retaliatory actions and regional fallout affecting global markets.
Precious metals often act as safe-haven assets during times of uncertainty, but the immediate reaction has been mixed. Before the strikes intensified, gold hit record highs in February, with a monthly average of $5,019 per troy ounce—the seventh straight all-time high in U.S. dollars (and even more in pounds and euros). Volatility was the worst since the 2008 financial crisis. Silver saw extreme swings too, the most violent since 1987, but its monthly average fell 10.4% to $82.55 per ounce, ending a run of records.
In February, trading activity on BullionVault dipped from January’s peaks—gold buyers down 14.1%, sellers down 31.1%—yet the overall number of gold owners kept rising, hitting a new all-time high for the ninth month in a row. Silver buyers fell 20.7%, but net demand returned after months of selling, pushing total client holdings up slightly to 1,332 tonnes (worth $3.2 billion, a 184% value increase year-over-year). Gold holdings dipped slightly by weight but soared in value to over $7.2 billion (+80.9% in dollar terms over 12 months).
Overall, February’s trading volume stayed robust at $789 million, only 29% below January’s record. New investor sign-ups were strong, though below January’s peak.
Experts like Adrian Ash, director of research at BullionVault, point out that short-term wars rarely sustain long bull runs in precious metals prices. Gold and silver have actually eased somewhat as the conflict unfolds, creating lower entry points for buyers. Existing owners often sell into price spikes to lock in profits, while newcomers buy on dips to build positions.
Long-term factors supporting precious metals remain powerful: massive government debt worldwide, persistent inflation worries, concerns over overvalued tech stocks, and growing geopolitical disorder. These drivers keep the broader bull market intact.
In short, gold and silver have never been more popular among private investors in BullionVault’s 21-year history. Amid war and economic uncertainty, many see these metals as a hedge against chaos in financial markets and the global economy. While prices can fluctuate wildly in the short term, the rush of new and existing investors signals deep confidence in their role as a store of value.
Note: Precious metals investing involves risk, and prices can change rapidly. Always research thoroughly and consider your own financial situation before making decisions.
