Even gold is down ...

It’s ugly out there.

Stocks are getting crushed as pharmaceutical and biotech stocks are in complete meltdown mode.

Accordingly, each of the major US indexes is down at least 2%, with the Dow off 320 points, the S&P 500 off 51 points, and the Nasdaq down 144. The exchange-traded fund that tracks biotech stocks is down 6.5%.

And when stocks and other risk assets sell off, typically you see gold — considered a “safe haven” asset — catch a bid.

But not today, as gold prices are down about 1.1% in New York to around $US1,130 an ounce.

This is when you know it’s bad.

The only things rallying today, it seems, are US Treasuries.

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