European bank stocks are getting crushed today, and all big equity markets are diving.
It’s going to be a brutal open in the US.
The dollar is rallying, Treasuries are rallying and gold… is diving.
We may have reached that point in the panic, where gold’s safe-ness is getting trumped by the illiquidity penalty, preventing it from keeping up with USD and UST.
When the going gets really tough, the tough opt for paper money.
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