The ferocity of the price action over the last 24 hours speaks to a forced liquidation of positions, a buy-back in a liquidity vacuum, writes Andy Home.
Board members at Russian companies, including the British chairmen of gold and silver producer Polymetal, have quit in response to the conflict in Ukraine.
The West’s moves to punish Russia for invading Ukraine have turbocharged global commodity and energy markets, sending prices soaring and threatening to derail the nascent recovery from the coronavirus pandemic.