Champ,The scenario you suggest is an interesting one, but...

Champ,

The scenario you suggest is an interesting one, but improbable.

If the Iranian threatened to block the Straits of Homuz, I think that it would find itself at war, not only with Israel, but also the US, Europe, much of the Middle East and maybe Japan as well. These "allies" would almost certainly intervene militarily to secure their energy supplies.

While the Iranians leadership love to posture, I don't think that they are stupid enough to take on so many enemies at one time.

In the unlikely event that they do I would buy gold as the tension rises then start selling the moment the first shots are fired.

Good luck.