How War and Fiat Currencies Drive the Price of Gold and Oil

How War and Fiat Currencies Drive the Price of Gold and Oil

From Mises Media by Mises Institute

April 23, 2026

About this episode

Mark Thornton discusses the relationship between war, fiat currencies, and the prices of gold and oil.

In this interview with Kaneki Kojo, Mark Thornton explains why gold acts like a “canary in the coal mine” for runaway debt, war, and inflation, and why today’s war-driven oil spike can perversely push gold down by delaying central-bank rate cuts. The original interview is available at https://www.youtube.com/watch?v=cXm-5wBJm3c

People in this episode

Host: Mark Thornton

Guest: Kaneki Kojo

Topics covered

  • war
  • fiat currencies
  • gold
  • oil
  • inflation
  • debt

Keywords

  • gold
  • oil
  • inflation
  • debt
  • central-bank rate cuts
  • war

Mentioned in this episode

Organizations: Mises Institute

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