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Today was very much a 'risk off' day as the equity markets looked down and succumbed to vertigo.

Apple (AAPL) was once again leading the way lower, as reality began to intrude on the 'Magnificent 7' fever dreams.

But not to worry, stocks put in a solid bounce off the lows into the close.

Gold was in rally mode once gained. Silver not so much.

Another big tranche of physical gold left the Hong Kong warehouses yesterday.

Intraday gold futures matched its prior spike high from last December but posted a close at a new all-time high.

As you may recall it fell afterwards into the NFP report, finding a bottom after the Option expiration and the Fed as shown on the gold chart below.

Let's see what happens.

The Dollar was flat.

VIX rose.

Victoria 'The Red Queen' Nuland is retiring from the Biden Administration to pursue other opportunities.

Non-farm payrolls and Jay Powell's yammering to Congress lie dead ahead.

Have a pleasant evening.

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