The following charts suggest that copper and gold still have favored status over other assets this morning, that the path ahead is not all gloom and doom (as during the Great Depression). The waste products of this crisis will be industries on the edge of obsolescence anyway, and a lot of overly leveraged institutions.

Meanwhile, we are just at the start of a refinancing crush like the world has never seen. That means improved commerce as people redeploy their savings from that.

While this could well be the last Hurrah for fiat money, I don't think it is as yet dead.  Meanwhile, copper and gold are the places to be as they are among the least damaged of all assets this morning.

kitco.com