Silver is even worse - crashing 4%, back below $17 after a huge week of outperformance.

In fact Gold has fallen to the same level it was at right before its spiked on Trump's election...

Having traded around $1300 for a month, heavy volume broke it below 2018's lows and $1300 support...

For context - the last 4 hours have seen around 260,000 contracts dumped through Gold futures or around $34 billion notional!

What is most interesting is the last few days have seen Yuan and Gold trading very much in sync, but as yesterday's trade-war headlines started to strike, Yuan tumbled - but gold held in there... until just now!