Last Tuesday, the 30-year Japanese Treasury note experienced a so-called "6-sigma" session. Yesterday, the market went even further, rising to 5-sigma and falling to 6-sigma. All in a single session. To explain briefly, in finance, we measure price variations around an average using the standard deviation, which is called sigma. A 1-sigma movement is common. 2-sigma is regular. 3-sigma is becoming rare. 4-sigma is exceptional. 5-sigma already corresponds to something that, theoretically, should only occur once in a million observations. 6-sigma, on the other hand, is supposed to occur once in 500 million.Examples of Six Sigma-type events include the October 1987 crash with the Dow Jones falling 22% in a single session, the March 2020 Covid crash with the S&P 500 down 12% and the VIX at 80, the surge of the Swiss franc in January 2015 after the abandonment of the EUR/CHF peg, and WTI crude oil turning negative in April 2020. Now you understand.Why do we see extreme statistical events in such different markets within a few days of each other?

1. When a pillar of global finance becomes unstable (the US), leverage tends to contract, and two things happen simultaneously: forced sales of some assets and forced protective purchases of others. Historically, precious metals have often been among the beneficiaries, and now Bitcoin is being added to the list.Long-term interest rates reveal something about the credibility of states, that is, their ability to honor their future debts without resorting to massive inflation. Precious metals reveal something about the credibility of the currency itself, and when both become unstable simultaneously, the monetary framework is called into question.I won't go into detail, but generally when a system starts to crack, the adjustments are brutal, and it's precisely at these times that several high-sigma events occur across different asset classes. I'll say it again: seeing two 6-sigma events in quick succession is not insignificant.

Gold and silver are explicitly telling you that we are experiencing a genuine paradigm shift.We are currently witnessing a fall in the dollar.