All the signs say another financial crisis is coming. Here’s why we need to prepare for it now | Larry Elliott

AI desk brief

Larry Elliott argues that markets are entering a fragile September backdrop, with soaring oil prices, a global bond sell-off and renewed inflation pressure raising the odds of higher-for-longer rates from central banks. He says crude has recently pushed above $100/bbl and that lingering petrol and diesel costs, plus strained financial markets, could make a sell-off in risk assets more likely.

For precious metals, the article is not directly about gold or silver, but the key transmission is clear: if oil-driven inflation keeps nominal yields elevated, real-rate and USD moves will be central to the metal complex. Elliott’s base case is not a crash, but he warns that another financial crisis remains plausible and that policy makers may eventually be forced into intervention, a backdrop that would be supportive for safe-haven demand if risk aversion escalates.