In this appearance on the And We Know show, Dr. Kirk Elliott walks through why oil-price swings tied to the Iran conflict carry inflationary risk, and unpacks Fed Governor Kevin Warsh's recent remarks on tariffs, AI-driven computing costs, and the Fed's reliance on interest rates to manage prices. He distinguishes between the federal funds rate and the market rates households actually feel, credit cards, mortgages, and the prime rate, explaining why those can move independently of Fed policy. Turning to the data, he points to second-quarter GDP growth trailing inflation as a signal of stagflation reminiscent of the late 1970s. He also highlights a sharp rebound in central-bank gold buying this year, noting that China's estimated gold holdings far exceed official U.S. figures, and frames the trend as central banks signaling where they see lasting value. Dr. Kirk suggests investors may want to consider precious metals amid these conditions and invites viewers to schedule a consultation with the KEPM team.