US strikes against Iran proxies were obviously timed for after US markets closed for the weekend. The question now is will markets remain calm, or having been alerted to geopolitical dangers will they begin to reflect the risks?
Perhaps the answer will be in the dollar/gold relationship and even here it may not be clear. Will risk be hedged by selling other currencies in a flight to the dollar (the Keynesian and regulators’ concept of risklessness) or will gold be marked up? Or both?
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