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<p>Gold is down 3% today. BTC is at $59,494, off 5%. Both getting sold at once.
When the safe haven and the risk asset fall together, nobody is fleeing to safety. They are raising dollars and selling whatever has a bid.
The chart that tells you whether this is a flush or something worse is credit. LQD +0.56%, HYG +0.03%. Both green.
Credit is the fuse. It has not lit. So this is a scramble for cash, not a crack in the system. These moves usually end with violent snap-backs. We're not chasing assets already down this hard.</p>

Gold is down 3% today. BTC is at $59,494, off 5%. Both getting sold at once.
When the safe haven and the risk asset fall together, nobody is fleeing to safety. They are raising dollars and selling whatever has a bid.
The chart that tells you whether this is a flush or something worse is credit. LQD +0.56%, HYG +0.03%. Both green.
Credit is the fuse. It has not lit. So this is a scramble for cash, not a crack in the system. These moves usually end with violent snap-backs. We're not chasing assets

Gold is down 3% today. BTC is at $59,494, off 5%. Both getting sold at once. When the safe haven and the risk asset fall together, nobody is fleeing to safety. They are raising dollars and selling whatever has a bid. The chart that tells you whether this is a flush or something worse is credit. LQD +0.56%, HYG +0.03%. Both green. Credit is the fuse. It has not lit. So this is a scramble for cash, not a crack in the system. These moves usually end with violent snap-backs. We're not chasing assets already down this hard.

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