All precious metals are higher again since Wednesday's last Metals Minute update covering possible American consequences to Russian sanctions.

It is often said one of the first casualties of any war is truth. As an honorably discharged war veteran, I can vouch for the veracity of that statement. Propaganda is the order of the day on every side of most conflicts. The truth sometimes sounds out of place and out of favor, but it is necessary to provide lasting liberty, including financially. Gold and silver represent financial truth. 

The spillover effects of Russian default on bonds, a plunging and closed Russian stock market, and shuttered Russian oil and gas pipelines are beginning to reverberate to American financial markets. Pension funds, such as the Kentucky Teachers Pension fund, are learning that millions of dollars have vaporized with losses from Russian securities. Meanwhile, pension funds that purchased gold are more solid than ever.

The economy in the U.S. is moving towards stagflation. The Russia-Ukraine war and resulting inflation may only speed up the process. Gold and silver are considered a hedge to remaining financially solid in uncertain times.