Gold, the ultimate safe haven asset, made a new cycle high at $2,002 earlier today. Investors sought the refuge of the precious metal, “the currency of last resort” as Goldman Sachs called it. The melt-up in energy and commodities was in full effect this morning after the US flagged a possible ban on Russian oil imports. This prompted more price spikes and resulting higher inflation expectations. Europe, and potentially global growth, will suffer in the current environment forcing an economic slowdown. This will likely convince the Fed and other major central banks to take a more balanced approach to tightening ... (full story)