Loud War Drums Send Gold Into New Bull Market, Oil Soaring

A flurry of Reuters headlines climaxing with:

  • WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION
  • MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’

has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March - collapsing the Brent-WTI spread back to $4. S&P futures are at their overnight lows -12pts (as all-important AAPL loses the $500 level and Icahn's dreams); 10Y yields have slid to 2.76%; and the JPY is surging back to 97.50 as carry-unwinds escalate.

Oil prices are surging...

as gold breaks away from Mikael's grip...

 

to a new bull market...

as a safety bid drives Treasuries higher (yields lower) and carry-unwinds smash stocks...

 

and the all-important AAPL loses its post-NASDARK/Icahn gains...

 

Charts:Bloomberg