As pointed out earlier, the short term USD-funding liquidity ruse instituted two weeks ago by the New York Fed has now all expired, which means global banks are progressively selling all residual winners left having dumping US safe haven securities (a big reason why the EUR has plunged is there is no more repatriation of USD-denominated assets by European, well, French banks). Enter the commodity space. As the following color-coded chart demonstrates, "stuff" is being offloaded by the boatload to procure cash in expectation of yet another day of "rip your face off" margin calls. Which naturally is to be expected - with collateral negligible, those who sell hard assets first sell best. Yet at the end of the day, all it does is provide an ever better entry point for those who have the means to institute hedges against the next step which will will occur shortly: yet another global liquidity tsunami courtesy of the central banks, because that is all they know and all they can.