In a Capitol Hill hearing Powell was asked yesterday: “Would you say that the war in Ukrain is the primary driver of inflation in America?” Fed Chair Jerome Powell responded: “No. Inflation was high before, certainly before the ware in Ukraine broke out.” The President speaking at the White House later revealed that Congress knew that sanctions would lead to higher gas prices.” Fuel costs bleed into every aspect of consumption leading to greater inflation and reduced purchasing power of currencies. The only question is when precious metals will pop in this highly inflationary environment.