It should come as no surprise that gold and silver acted similarly, rising sharply during the early hours of the crisis and retreating as tensions abated.

From our precious metals point of view, I would note that if the production of these metals fails to meet demand, prices will likely rise, perhaps very smartly, thereby fueling additional increments of future inflation.

While present official numbers remain quiescent at below 2%, we strongly believe the seeds of future inflation have now been laid via virtually unlimited currency creation by various central banks around the globe.