Market Update: Gold Surges As Bond Bulls Purge

Market Update: Gold Surges As Bond Bulls Purge

UPDATE: Trannies and Industrials are now red…

Gold has pressed up to almost $1,295 this morning – fresh 3-month highs – as silver and WTI crude also rise notably. The S&P 500 continues its inexorable USDJPY-inspired levitation (and is set for 1,900 by Monday morning at this rate) though remains negative year-to-date (for now) and a small roll-over in JPY is dragging stocks off their highs for now. US Treasuries are offered with the belly underperforming as 5Y reached 2-week highs at 1.56%.

The SPJPY 500

Gold is at fresh 3-month highs…

And Treasuries are worsening…

It seems Laszlo Birinyi was “off” with his timing call for 1,900 by end of June – at this rate we’ll be there by 4am Monday morning…

Charts: Bloomberg

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