Gold Hammered As Stocks & Bond Yields Surge On ISM Survey Rebound

Despite every other economic survey signal pointing to further weakness as manufacturing contraction spreads to the rest of the economy, stocks and bond yields are spiking after ISM's survey rebounded in August (despite 60% of the components weaker).

Stocks spiked (good news is good news?)

Treasury yields spiked. 30Y back above 2.00%...

Source: Bloomberg

And across the pond, 30Y German yields topped 0.00% for the first time in a month...

Source: Bloomberg

And gold was monkeyhammered lower on massive volume...

Silver is getting hit even harder...

Sending the gold-to-silver ratio back higher...

Source: Bloomberg

So, will The Fed cut? Stocks are within 1% of record highs, employment looks awesome, and Services are rebounding!?