Gold often performs relatively well during recessions if investors fear banking stress, currency weakness, rate cuts, or systemic risk. However, gold can still fall temporarily during liquidity panics when investors sell assets to raise cash.

Silver is more vulnerable in recessions because a large part of demand comes from industry. If manufacturing, construction, electronics, or solar demand slows, silver can decline even while gold holds up better.

For stackers, recessions can create opportunities if physical premiums remain reasonable. The key is to maintain enough cash so metal does not have to be sold during a forced liquidation period.