Breaking: Gold surges and breaches $2,000/oz

The price of gold has just hit $2,000 in fast markets at the open of the week. 

The driver is oil and fears of global stagflation.

At the time of writing, it is being reported that US House Speaker Nancy Pelosi is exploring legislation that would ban Russian oil imports. This was a theme that roiled markets at the open. More on this here:

• Secretary of State Blinken: US is “looking” at banning Russian oil and gas, but need permission from EU

Pelosi said last Thursday that she supports banning Russian oil imports to the US. Biden has been reluctant to curb Russian oil shipments to the US or slap on energy sanctions with prices already hitting the pockets of US citizens. However, the sanction has already been backed by wide numbers of Republicans and an increasing number of Democrats.

More to come...