Macquarie: Two More Months Of War Could Send Oil To $200

Macquarie's $200 oil call isn't just about energy costs. It's about what happens next. When oil spikes, inflation spikes. When inflation spikes, central banks face an impossible choice: crash the economy with rate hikes or debase the currency with more printing. They always choose printing. Look at 2008, 2020, every crisis. The playbook never changes. Higher oil prices also mean higher mining costs, which creates a floor under precious metals prices. Meanwhile, geopolitical chaos drives safe haven demand. The gold-to-oil ratio sits around 22 right now. If oil doubles, that ratio compresses unless gold moves higher too. Stack accordingly.