Once the US and Iran make peace, gold prices rise and oil prices fall—should we chase this move? I'd advise you to wait for a meeting first.

Conclusion first: The US and Iran reached a peace framework agreement over the weekend, leading to a sharp drop in oil prices (Brent -4.15%), a 2.37% rise in gold, a 3.31% rise in silver, and the VIX index, which measures market panic, fell 9% in a single day. It looks like a broad-based market move of "inflation is about to fall, good for risk assets." But my advice is very direct: Don't chase gold and silver at their highs now. Wait for the Fed meeting this Wednesday (6/17) first—this meeting is what will truly determine whether money is expensive or not.
Why is this relevant to you? If you hold gold or silver-related stocks or funds, the big rally over the past two days can easily tempt you to chase. But this rally is more of an "emotional front-running," not a change in fundamentals.
Let's clarify the chain: Falling oil prices mean less "future" inflationary pressure. But the inflation that has already occurred hasn't disappeared—May's PPI (Producer Price Index, reflecting factory-gate inflation) was still up +6.5% year-on-year, a four-year high, and CPI (Consumer Price Index) was 4.2%. What oil prices cut is "whether it will be more expensive in the future," not "how expensive it already is now." These are two different things.
More crucial are interest rates. Gold and silver don't yield interest, and they fear high rates and a strong dollar. The direction of rates will be decided at the first meeting of the new Fed Chair Walsh this Wednesday: rates are highly unlikely to change (3.50-3.75%), but the "dot plot" (officials' projections for future rates) released at the meeting will tell the market whether there will be any rate cuts this year. A newly-appointed chair looking to establish credibility is likely to choose to stand pat or even lean hawkish—in that case, this rally in gold and silver will reverse.
So what to do (Discover → Understand → Trade): You already know why gold and silver are rising; you also understand this rise is mainly driven by sentiment, with the real variable being 6/17; Next step—don't chase at the peak of the frenzy. If you want to participate, wait for the meeting outcome, or wait for a price pullback to enter in batches. Don't go all-in at the peak of sentiment. Energy stocks still face short-term pressure for a catch-down, so don't rush to bottom-fish there either.

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