An explanation of today's market decline is unnecessary, unless one is a spokesmodel for one of the financial or ideologically inclined organizations which are always trying to find clever ways to distract and mislead the narrative.

The mispricing of risks has corrected a bit, but I fear it has some way to go. 

Perhaps a substantial way to go, all things considered, including the real economy.

Gold popped but was held in check.

Silver ended the week mostly unchanged, but this was on top of a prior stellar performance the week before. 

Despite what people say, silver is just not as 'monetary' as gold.

And Bitcoin is a risk asset in drag.  

VIX ticked up. But it did not yet spike.

Have a pleasant, and hopefully uneventful, weekend.

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