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Gold Soars Above $2000, Equities Down as Banking Panic Continues

The lack of awareness by the leading Western central banks is nothing more than breathtaking. As they forced the bailout of Credit Suisse in Europe via the Swiss National Bank’s intervention, no one thought what damage it would cause to the general public’s and investor’s confidence in the system.

Right now they are voting with their wallets as of 5 a.m. this morning. Gold soared above $2000 as it returns to its traditional role as the flight to safety trade:

Meanwhile the US 2 year Treasury also is seeing another massive move to lower yields as people seek safe havens:

Equities are down, but it is not a total washout:

If the markets rally today, it will be due to everything being oversold and the interpretation that the Fed will not raise rates on Wednesday. Personally speaking, I think this is a good time to sit this out and wait for the carnage to settle as the central banksters are demonstrating once again that they have no clue what to do and will probably make things worse.

Stay tuned boys and girls as we could be going downtown again.

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