This year’s hottest trades — gold, silver and South Korea — are down big amid fears the war in Iran could go on for longer than expected.

Here are the moves.

• Gold prices slide: Spot gold was last down more than 5% to $5,041.81 per ounce, with gold futures dropping 5% to $5,049. They’re still up more than 16% this year.
• Silver prices tumble: Futures tied to the commodity fell more than 8% to $81.23 per ounce. They remain higher by 15% year to date.
• South Korea down huge: The iShares MSCI South Korea ETF (EWY) plunged 14%, though it remains higher by nearly 30% year to date.

Each of these trades were huge momentum plays in 2026, catching a bid as investors nervous about their exposure to U.S. large-cap tech sought out asset classes that could better perform the market. After all, the S&P 500 shot up 64% on a cumulative basis over the last three years; it’s down 1% this year.

Gold, silver and South Korea each have their own appeal. Investors are optimistic that gold’s upward trajectory remains intact as central banks around the world diversify away from the U.S. dollar, with many confident bullion could soon top $6,000 an ounce. Silver is expected to benefit from tight supply-demand dynamics, and has big industrial use cases around AI.

South Korea’s outperformance this year largely has to do with the worldwide demand for memory, which has especially lifted the shares of Samsung Electronics and SK Hynix that account for a huge part of the country’s Kospi index. The two memory powerhouses are up more than 50% and 44% year to date, respectively.

Yet all three trades unwound alongside the broader market Tuesday as the prospect of a deepening conflict in Iran revived inflation fears, as oil prices spiked higher. Brent crude oil, the international benchmark, topped $84 a barrel, while WTI crude jumped to above $77.

Even gold was caught up in the selling frenzy, odd for a safe haven asset usually turned to during times of crises. But investors appeared indiscriminate in dumping assets they fear may have gone too far, too fast.