US equity futures initially plunged and gold surged after Iran launched the first wave of retaliatory counterstrikes against nearby American forces following the assassination of the country's top commander.
The IRGC fired 15 missiles at two bases in Iraq housing US troops. There may eventually be more where that came from, although some have suggested this is really nothing more than a "token" response from Tehran.
The Pentagon released a statement, noting that the DoD is conducting a damage assessment and is prepared to respond to protect US interests.
Read more: Iran Begins ‘Operation Martyr Soleimani’, Hits US Bases With Ballistic Missiles
Gold - which was already up handily in the first week of 2020 after surging more than 18% in 2019 - rose above $1,600 for the first time since 2013.
This will test the mettle of those who claim risk assets are immune to geopolitical turmoil - the missiles were fired from inside Iran, by the IRGC, which released an official statement.
In other words, these attacks on US personnel were not by proxy. This was Iran proper striking US interests. Stocks were not pleased. This was the knee-jerk:
Subsequently, futures trimmed losses af
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