No, negative impact not over. Full energy flow from Middle East won't resume quickly; energy shock still feeding through.

Context: year-to-date most assets doing phenomenally well, justifying David Solomon's 'benign reaction' comment. More correction across assets coming weeks, significantly more, but not sudden panic bear market.

Disagrees for short term (next couple weeks). Gold has quite a bit of downside. Three primary reasons for recent gold buying have reversed: geopolitical risk trade run its course, dollar strengthening (not diversifying away), momentum trades (like KOSPI) blown up.