Gold's Best Day In 11 Months As Stocks Close Red - Only 8 Hours To Wait 'Til Tuesday Though

All major US cash equity indices closed an odd shade of 'green' today which some have called 'red' - though only marginally and Treasuries ended the day practically unchanged (with 10Y +1bps). But the real action took place away from these two asset-classes. Precious metals were monkey-hammered at their open overnight but staged a miraculous recovery leaving gold with its best gain since June 2012 (didn't hear too much about that on TV?). Credit markets notably under-performed - never managing to get into the green on the day. VIX rose over 0.5 vols to close back above 13%. On the bright side, only a few more hours until Tuesday...

Gold and Silver were making the headlines early on after yet another seeming coordinated smackdown as markets opened late last night.

Mainstream media quickly jumped on the disaster. Few hung around to the close to notice the massive rally back in both. Gold closes today with its best day's gains since June 2012 and Silver up over 11% off its lows...

USDJPY crashed down to 102 as precious metals were monkey hammered overnight - boucned all the way back, and then faded all day long (JPY strength) to close near the lows of the day just above 102.00. This is JPY's best gain in a month... up around 1% against the USD (with the USD having its worst day in a month)...

Credit markets remain severley unimpressed with no bounce at all today...

VIX still ain't buying it...

Charts: Bloomberg and Capital Context