Everything Looks Ugly

A quick overview of the markets overnight.

Stock market sell-off globally. 
CAC 40 INDEX 2,781.53 -154.29 -5.26%

Gold drops substantially.
GOLD 100 OZ FUTR (USD/t oz.)1,738.300 -69.800 -3.86%

Canadian dollar plunges 2 1/2 cents in 12 hours (US dollar rises).
USD-CAD 1.0306 0.0225 2.2315%

Oil craters.
BRENT CRUDE FUTR (USD/bbl.)                                           105.800                -4.560         -4.13%

US Bond yields drop.
10-Year 2.125 08/15/2021 103-06 / 1.77 0-24+ / -0.085

As we have long argued on this blog.  We are staring into a deflationary abyss, not an inflationary one as others believe.  The safest asset class in this environment is precious metals (Yes, I know gold just dropped, but it is the ultimate extinguisher of debt so we must be patient).

Good luck to all.