Over 85,000 gold futures contracts (over $10 billion) just traded as gold plunged from $1260 to $1230 as US equity markets opened. This is the worst 7-day run for gold since November as Dec rate hikes were jawboned more likely.

Down 5 days in a row, today's crash has dumped the precious metal to its lowest price since June...

Of course, this makes perfect sense, as EM FX collapses, inflation expectations spike most in years, and Trump's debt-funded fiscal spending plan means more QE.