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Another morning, another metals melt-up. The U.S. dollar, as witnessed by way of the USD/JPY, continues to decline. It’s pretty sad when one bankrupt country’s currency (U.S.) is being beaten by a country even more bankrupt (Japan). As for paper/fiat/worthless currencies, it’s a rapid race to the bottom.
 

As such, it’s record highs all across the board for anything heavy and shiny. Silver and Gold continue to zip higher, with the /GC futures crossing $4,200 for the first time ever. At this rate, we could easily see $5,000 gold in the year of our Lord 2025.
 

Equities continue to be vexing. We’re up hundreds of points on the /NQ, approaching the peak seen during Monday’s TACO recovery. The collapse on Friday is a distant memory now.
 

Small caps represent an even stronger market. Looking back nearly a year, you can see an almost perfect letter “V” (as in “no Vaseline for the bears“) utterly undoing the plunge which took place from early December to early April. Sheesh.
 

Thus, fear has largely left the building. Friday’s all-the-brief excitement vaulted the /VX futures from the teens to 22, and about half of that handwringing has already dissipated.
 

I’m coming into the day fairly light (having scurried out of positions due to the ridiculous “hey, we’ve got a date and a time to meet with China” rally) as I continue to wait for the real fun to begin next week with the meat of the earnings season.

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