Gold the doomsday/inflation hedge is showing similarities to its January 2022 rally, as is oil and the commodity markets.

This is an interesting Chart.    Gold, which is considered the doomsday hedge and of course also an inflation hedge, particularly when Central Banks give up on their currencies.   Has rallied 10% since December 2022.  Also note the rally in oil (red line) and the Commodity index (blue line), all bouncing off  gold's 1636 support (horizontal red line)    With the current state of Central Bank policy which has been light on with its interest rates hikes within the worst inflation  in over 40 years.   There seems to be an indication that inflation has peaked and as discussed in this post, it would be almost solely on the fact that President Biden authorized the release of millions of barrels of emergency U.S. oil reserves (Strategic Petroleum Reserve).   Also to note that the inventory build up grains/soy and corn and the milder winter for U.K. and Europe which had stockpiled gas and oil, before and after the Ukraine/Russian war and the G7 Russian oil cap.

Interest rates were the small contributing factor on top of what might seem like, as mentioned, a peak in inflation, to which it had more of a token effect, but did impact Bond holders, Investment Banks and Commercial Banks, that have all called that a looming recession in the U.S. has arrived due to high interest rates.  This hasn't happened, as noted with the current GDP figures that shows America is not in recession.   But job losses are mounting  (please also refer to my post), but the cost of living is not slowing or coming down, it is not deflation by any stretch of the imagination, it is a prelude to stagflation - as policy and luck had delayed the storm in 2022, which is now set for 2023.

What the chart above is essentially showing is the beginning of energy and food inflation that had occurred in January 2022, three months before the invasion of Ukraine by Russia in March 2022 (vertical blue lines), is now indicating a redux going into 2023 as inflation has become so imbedded into into the global economy, it has caused policy mayhem in the so called 'deflationary'  country Japan.  

Sadly, the Ukraine war with Russia is still on going.