This past Tuesday, at Semafor's Next 3 Billion event in New York, the managing director of the International Monetary Fund said winter is coming.
Kristalina Georgieva was not talking about gold. She was talking about what happens to an economy that has spent seven months absorbing an energy shock and is only now beginning to pay for it. The world has coped with $100 oil better than expected, she argued, and that coping should not be mistaken for immunity.
Central banks are raising rates into inflation they cannot directly resolve.
Governments are paying more to service their debt at precisely the moment they most need the room to respond. And it’s reported that the United States will spend more this year servicing its national debt than it spends on its military.
In this week's video, we take that warning apart and ask what it actually means for anyone holding physical metal.
As ever, if you would like to talk through any of this, or your own holdings, the team is on hand.
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