Oil, gold and silver were spiking up before Iran decided to attack Israel over the weekend. On top of that, Copper, Aluminum and Nickel are also going up after the U.S. and the UK imposed new sanctions to Imports of three metals from Russia. The purpose of the sanctions is to put pressure on Russia’s finances, already oppressed due to the Ukrainian conflict. But the combination of Energy, precious metals and industrial ones trending up is also affecting inflation in the countries imposing the sanctions, at a time where it is critical to have prices under control. Wars are inflationary, specially the ones financed with debt, as these ones are. It will be increasingly difficult to have prices under control with the combination of high deficits, wars and logistic issues such as Panama and Suez Canals.
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