Markets anxious as 'new cold war' turns hot

As military spending ramps up around the world and countries rush to ringfence critical industries, political rhetoric appears to have darkened from one sketching geopolitical risks to outright preparation for war. Whether global markets should take more note is a moot point. Investors are already preoccupied with a full-blown trade war, which has aggravated international tensions and is much like the latest ratchet in U.S. steel and aluminum tariffs. But it is not hard to find the 'safety' trades thriving. Gold is less than 2 per cent from a record close set a month ago, having climbed almost 30 per…