Equities, foreign equities, and most commodities (including gold), are down sharply on the day. About the only winners are the US dollar, US treasuries, the Yen, and German Bonds.
US Equity Futures
Italian 10-Year Government Bonds
No Hiding Spots Except Despised US Dollar
If you have not done so already done so, please consider the possibility there will be no hiding spots except for US dollars and short-term US treasuries (yielding nothing) in a renewed strong downturn.
I expect gold to hold up in a major decline, but I could easily be wrong. One encouraging sign is the $HUI gold miner index is down less than a percent even though gold is down by 2% and the S&P; and Dow are down by almost 2% as well.
Mike “Mish” Shedlock
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