Just caught an interesting take from economist Peter Schiff on what could happen if the US-Iran tensions keep escalating. He's laying out a pretty bearish scenario that most people might not be pricing in right now.

Schiff's argument is straightforward: the market is currently betting on a quick resolution, but he thinks that's wishful thinking. If things drag on, he sees major downside across the board. Stocks would likely take hits, bonds could sell off, crypto would probably dump along with the dollar. Meanwhile, gold and oil would be the winners in that kind of environment.

What's interesting is that Peter Schiff isn't alone in this thinking. There's another analyst, Rashad Hajiyev, making similar calls on the precious metals side. Hajiyev is projecting gold could eventually hit somewhere between $7,000 and $8,000, arguing we're entering a new cycle for gold and mining stocks.

So you've got two separate analysts basically converging on the idea that geopolitical risk is being underestimated right now. Peter Schiff's broader market view and Hajiyev's specific gold thesis are pointing in the same direction. Whether it plays out that way is another question, but worth keeping on the radar if you're thinking about portfolio positioning. The macro environment is definitely something to watch closely at this point.