The Mnuchin Massacre: Precious Metals Surge Amid Dollar’s Worst Start In 30 Years

The Dollar was smashed with the ugly-stick today as Mnuchin’s comments sparked chaos in FX markets… and as precious metals surged and bond yields jumped… and stocks actually sank (briefly)… we were reminded by the mainstream media that a falling dollar is great for ‘Murica so buy the dip in stocks with all your money on the sidelines…

The Mnuchin Massacre (or Ross Rout)…

 

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The Dollar crashed over 1% today – its worst day since The Fed hiked rates in March 2017…

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This is the worst start to a year since 1987…

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Interestingly, stocks soared (just as they are now) as the dollar crashed (just as it is now) in 1987… before things went pear-shaped…

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Today, as the dollar dumped so Bitcoin, gold, and silver surged…

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Stocks were also whacked with the ugly trade-war stick during the day but the machines worked their magic to get the S&P and Dow back to even… With a late-day flater, only The Dow closed green… at a new record high…

 

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While we v-shape-recovered, we note that Mnuchin and Ross gave stock investors their 2nd 1%-drawdown of the year.

 

VIX briefly topped 12 intraday but was monkey-hammered lower in an effort to get the S&P back to green…BUT FAILED

 

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Of course – once the NYSE was unbroken, the panic-bid began…

 

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Trannies were trashed as the Airline index plunged on United headlines…The Airline index is now in the red YTD…

 

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This was Airlines biggest plunge (6%) since Brexit.

 

As AAPL continues to slide, so FANG stocks soar…

 

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Bonds were dumped overnight but bid off technical support as stocks sank…NOTE that only 2Y Yield are higher on the week…

 

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Commodities were all higher on the day as the dollar dumped but precious metals stood out.

Silver surged most since Brexit to 4-month highs…

 

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Today saw gold’s highest close since Sept 2016…

 

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Bitcoin managed to hold on to gains but Ethereum outperformed on the day…

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WTI/RBOB surged after an initial drop following DOE inventory/production data… (WTI almost hit $66, the highest since Dec 2014)

 

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Finally, we leave it up to Sven Henrich to sum things up perfectly…

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