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.

Currency Futures

Energy Futures

Grain Futures

Metal Futures

US Equity Futures

European Equities

$SSEC Shanghai China Stock Index

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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