Yesterday saw a lot of extreme volatility moves around the world. Most of them stemmed from Japanese actions - JPY plunging 3 big figures in 18 hours, JGB limit down and biggest yield spike in years against a JGB implied volatility collapse, NKY smashing exponentially higher - but there was also an unusual action in precious metals. While price has been notably set back in the last two days, yesterday saw the largest addition to IAU and GLD ETF holdings in 7 months (following a 10 million ounce reduction from mid-February highs). For equity investors, if this is considered a normal, calm operating environment for putting your capital to work, enjoy.
[4]
Charts: Bloomberg