Precious metals plunge triggers global selloff
A slow-motion flight to safety is underway across the currency markets this morning, as a bloodbath in the precious metals complex extends into a second week. Equity futures are pointing to further losses at the North American open, the US dollar is climbing against all of its major rivals as traders exit risky positions across a range of asset classes, and commodity-sensitive currencies like the Australian dollar, Canadian dollar, and Swiss franc are coming under selling pressure. Gold and silver prices suffered their biggest selloff in years on Friday, prompting many observers to suggest that the “debasement trade” was in...