The drums of war are sounding louder than ever and on Friday night’s ‘confirmation’ that Russia is to invade Ukraine this week, both gold and silver surged nearly 2.3% whilst shares fell around the same. That this comes at exactly the time that the market is worried about an ‘extraordinary meeting’ to be called by the Fed to bring forward rate hikes adds to instability facing them right now. This set up has all the ingredients of the so called Minsky Moment. We explain.
