USD/Stocks Dropping, Precious Metals Popping At Open (Then Slammed!)

UPDATE: Well that didn't last long...

What was a generally calm last few hours has begun to accelerate into the US equity cash open. Gold and Silver are surging as the USD gets hit (mainly on EUR and JPY strength). S&P futures are pushing back to overnight lows and Treasuries rallying back to unchanged from modest overnight weakness (capped at 2.80%). Where's the money going? Spanish bond spreads...-32bps this week (best since Nov 2011)

and where else is the money flowing...

Charts: Bloomberg