Gold price up $110 to $5,214. CPM's recent trade recommendation was that price would rise and test 5,400 again.

Addressing why gold/silver haven't risen sharply post-attack: markets had anticipated US/Israel attacking Iran. No one should be surprised given threats since 2003, carrier deployments.

Short-term: everyone waiting to see how war proceeds, scope for higher prices. Could spike to 5,400.

Long-term: war factor very important and positive for gold/silver for years. Negative implications for global cooperation, US respect, peace, energy prices, economic activity, increased terrorism.

Silver at $88.90. Trade recommendation last Thursday was price could spike to ~$92. Similar situation to gold - market anticipated bad things.

Platinum: issued buy recommendation last Thursday, thought price could spike toward $2,350. Price at $2,221 now.

Palladium: advised stand aside, price would trade between $1,575-$1,760. Risk/reward not sufficient.

Historical context: In 1990s, CPM Group viewed silver price would stay low for extended period then rise sharply when 'wall' hit due to persistent fabrication deficit.

War accelerates deterioration of international activity, factors into gold/silver renaissance discussed for quarter century.