In what feels a lot like déjà vu at this point, gold set yet another record high this week, this time as it smashed through the $3,000 per ounce mark. While much ink has been spilled linking the latest leg up in the price over the last month to the US growth scare, it is notable that gold has historically had a mixed record around US recessions. Meanwhile, OPEC+'s latest plan announced this week that overproducing members would implement front-loaded compensation cuts would, at face value, negate the increase in production from other members in the near term. But Kazakhstan and Iraq will likely struggle to reduce output, risking a renewed flare up in tensions on the road ahead.
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