This was a leverage and positioning unwind, not a mystery shock. Metals, equities, and crypto all delevered together. Watch funding, yields, and liquidity for next direction.

??OVER $12 TRILLION WAS ERASED FROM GLOBAL MARKETS IN JUST 48 HOURS.

But why ?

This was not a normal volatility. This was a structural unwind across metals and equities happening at the same time.

First, look at the scale of the damage.

Precious metals collapse:
? Gold: