Global markets are at the mercy of oil. It's been that way since the night of Feb. 27 when the war with Iran began. If oil spikes again, the Dollar will rise. Gold, silver and France will suffer. The big shift is 10-year Treasury yield, which will fall... https://t.co/FxqM1paMhq https://t.co/q7BdIU5I3R

I did my usual Sunday morning live stream on possible further downside for gold and silver if we go back to a "hot" war in the coming days. A 10% rise in Brent maps into a 4% drop for gold and 8% fall for silver. I talk through all this on the link below: https://t.co/J4dZacJ7rs https://t.co/eJmtqbN4Xi

On this morning's live stream - from my parents' living room in a tiny German village with more cows than people - I talked about how markets are pricing an imminent resumption of a "hot" war with Iran. This is why silver fell almost 6 percent yesterday... https://t.co/TUBtOSsCm6 https://t.co/SfmfziUcz3

These are rolling 30-day correlations of various asset returns with oil prices. Best hedge against a return to a "hot" war, which is likely in coming days, is to be long the US Dollar, especially versus EM. The S&P 500, gold and silver are vulnerable... https://t.co/FxqM1paMhq https://t.co/AKJH2cjt3g

I'm doing my usual Saturday live stream this morning at 9:30 am (ET). I'll talk about how everything in markets is about oil at the moment ahead of a resumption of US air attacks on Iran. This yesterday drove France's spread wider and gold and silver down. https://t.co/wVqLyxZibO https://t.co/kutC2cvnBZ