Image Source: Pixabay

Early on Monday morning, it looked like the silver futures might actually have a chance to break the $40 level.

Although it was not to be today, and after reaching as high as $39.57 prior to the New York open, a selloff began that lasted throughout the rest of the day.
 

The gold futures followed a similar pattern, and sold off $12 down to $3,352.
 

Yet perhaps what makes the current silver rally all the more stunning is that it has occurred while the dollar index has actually been rallying back.

Here you can see in the chart below how, after setting a low of 96 on July 1, the dollar index has since climbed back up to 97.81.
 

Also adding to the current financial market turmoil is that Japanese long-term bonds have been getting clobbered recently. And here you can see how the yield has been spiking on the 10-year Japanese bond.

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