Rising US yields rip through gold and silver in chaotic move

Today's slide deck: bit.ly/3gO3bac -The US 10-year yield was only up 6.6 basis points yesterday but the move was enough to set in motion a selling pressure so large that liquidity dried up causing a dramatic downside move across both gold and silver. Long duration assets such as technology stocks were also hit but not to the same degree and equities are generally bid this morning. We also talk US politics on back of yesterday's announcement from Biden that Kamala Harris is the vice president nominee. On single stocks news we cover the Moderna vaccine deal with the US government and Asos surprise announcement this morning that revenue and profits are significantly ahead of views. Today with Peter Garnry on equities, Ole S. Hansen on commodities and Steen Jakobsen on macro.