• US yields rallied strongly this week, keeping the US yield curve on its summer steepening rally
• But commodity prices show that inflation is very much market based, not broad based
  • Residual effects from last year’s COVID restrictions, + newly imposed Delta variant restrictions are severely disrupting supply chains… again
• Gold takes a dump at the start of the week, and regains its losses to finish the week strong
  • Flash crash could be a one off forced liquidation that may not signal systemic over-leverage, but it could also indicate a system running short on collateral
  • Liquidations don’t happen in a vacuum; important to not just dismiss the move as a flash crash

Who dumps #gold on a Sunday?! Someone desperate – that’s who.

If you had a bad weekend, that person☝️ had a worse one.

— The Pensive Nugget (@pensivenugget) August 9, 2021