There is more to market volatility than Ukraine

Financial Times/Mohamed El-Erian/2-20-2022

“It is tempting to pin the recent volatility in markets only on the fluidity of the Russia-Ukraine situation.”

USAGOLD note: El-Erian makes a point similar to the one we made in yesterday’s DMR. Ukraine only multiplies the net effect of an already volatile market scenario. There is a great deal more to worry about as outlined at the link above, including markets “losing the anchor of abundant and predictable liquidity provided by central banks.” You never miss your water till your well runs dry.