Iran War Triggers Jump In Americans' Inflation Expectations, Slump In Sentiment

The Michigan sentiment data tells the real story here. When Americans see war and expect higher prices, they're not wrong. Iran tensions mean energy spikes, supply chain disruptions, and more money printing to fund whatever comes next. I've watched this movie before in 2008, 2011, 2020. The metals always catch the bid when geopolitical risk meets inflation fears. Gold at $4532 already reflects some of this, but silver at $70.94 still has room to run on the ratio compression we've been tracking. Central banks aren't slowing their buying either. Stack accordingly.