Peter walks through the market and geopolitical fallout from the recent conflict in Iran and explains why the immediate market moves are misleading. He ties the spike in inflation not just to oil but to larger fiscal choices—bigger deficits, more money printing, and a housing market he thinks is on the brink of a severe correction—and makes the case that gold remains the clearest hedge.

First, Peter says the initial market reaction is not the whole story. He points out that the dollar and gold have been playing tug-of-war since the conflict began and that current price action hides deeper risks for stocks and real assets alike:

I think the initial reaction to what's happening, I think, is wrong. I think that, you know, the dollar has gotten a bit of a bid, although not today, but the dollar has strengthened gold, which had been making record highs prior to the conflict. When the conflict broke out, gold actually pulled back. And now it's hanging out around 5,000, which I think is the support level. And the stock market, though it's gone down, hasn't gone down very much.

He warns that what is actually strengthening right now is inflation, and that this is about fiscal policy more than just short-term commodity moves. Peter argues that war spending and emergency measures will widen deficits, forcing more central-bank and Treasury support that feeds price increases across the economy:

The only thing strong is inflation. And now it's going to get a lot worse, not because oil prices are rising, which they will, but because we're going to have bigger deficits and more money printing to fund the war and to prop up the economy and to prop up the housing market, which is on the verge of a major collapse. Housing is the most unaffordable it's ever been. Home prices in the U.S. should drop at least 30%, maybe more nationwide. That's going to create a crisis in and of itself, because housing is the basis of a lot of debt.