Yields Hit Session High After Ugly, Tailing 30Y Auction

Overall, this was another ugly auction, and while not quite as bad as the 10Y earlier this week, which was truly ghastly, it was ugly enough to add insult to Jensen injury, pushing 10Y yields to session highs above 5.10%, and back into "oops rates did it again" territory.

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Gold Is Hanging By A Thread

Gold is hanging by a thread. $3,900 is the line in the sand. Below that, the next meaningful support sits near $3,400. But there's a twist: systematic shorts are already stretched.