Russ Mould of A J Bell, declaring himself no expert in geopolitics, is suprised that markets have not put a bigger risk premium on oil in the past few days. Clearly investors are hopeful that there is not going to be a major escalation. He discusses the rise in the gold price, up 46% in a year in dollar terms, pointing out how expensive it is historically compared to oil and various other commodities. Those investors who fear inflation will probably take a different view on how to structure their portfolios than those who are more worried about a slowdown, recession or even debt deflation. Learn more about your ad choices. Visit podcastchoices.com/adchoices