Cathie Wood warns that gold has peaked, with the gold/M2 ratio surpassing the 1980 peak and forecasted to fall 60%. In a single day, $3 trillion in gold evaporated, $750 billion in silver, and $1 trillion in US stocks, with a total volatility of $9 trillion over 6.5 hours. The catalyst was an 11% drop in Microsoft, CME margin increases of 47%, and liquidations with 50-100x leverage. The rebound at close indicates that this is leverage-driven rather than a fundamental collapse.
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