Gold And Silver Go Vertical

Are investors rotating from the 'safety' of Apple to the new 'safety' of Gold and Silver? Because the next time there is a wholesale margin call, which courtesy of soaring margin debt will likely be today, speculators will have to sell the one asset that is outperforming everything. You guessed it...

Perhaps of note is the jump in USD Libor - GOFO (Gold Lease rates) to its highest since July 2011.

We wonder if this is the reason... Unwind of post Bank Stress Test excess relative to Gold in S&P 500...

Chart: Bloomberg