Business Lookahead: Gauging the war's impact

War premium is real and it's building. When stocks drop and energy spikes, smart money flows to metals. We're seeing this play out in real time with gold pushing new highs and silver finally catching up. The jobs data won't matter much if geopolitical risk keeps escalating. Central banks have been net buyers for 13 straight quarters for exactly this reason. Physical premiums are already ticking higher at dealers. This isn't about trading the news - it's about understanding that uncertainty drives demand for real money. Stack now while premiums are still reasonable.