Original post: It continues in the early hours of the day. The gravity-bound commodities are driving again.
Oil’s volatility is unbelievable, trading back and forth in 3% swings regularly. Crude is now below $97.
Silver, which had climbed a little bit earlier, is falling towards $34, getting close to its low of this whole cycle.
Gold is down to $1482 (though it’s still basically been a star performer).
And yes, markets are basically lower around the world.
Update: We wrote this post earlier in the morning, just after 4:00 AM ET, but the rout has gotten much worse. Silver is zooming towards $32 (new lows in the cycle). Crude is below $96. Soft/agricultural commodities getting slammed, etc. Since the original post, China hiked its reserve ratio requirement again further making things worse.