MARKET CALL: Trump Says Iran's Nuke Program Is 'Obliterated' . . . What's Next?

On Saturday night, the US attacked Iran's three nuclear sites in Fordow, Natanz, and Isfahan. President Donald Trump announced this in a social media post at 7:50 p.m. EST. In a short speech at 10:00 p.m., he said that Iran’s key nuclear sites were "completely and fully obliterated" by the strikes. He noted that there are many more sites in Iran that could easily be destroyed if the Iranians retaliate.

The next move is up to the Iranians. Our bet is that they will sue for peace. We are assuming that while the Mullahs and their generals (those who haven't been killed by the Israelis yet) may be fanatics, they aren't crazy. If that's the case, then the price of oil should fall and stock markets around the world should climb higher. The price of gold is likely to fall in this scenario. But that should provide a good buying opportunity since many central banks around the world are diversifying their reserves into gold.