In the news shortly we should be hearing about a new $USD swap line as the global $USD liquidity has totally and completely frozen. This level of distress has not been seen since the Lehman Brother collapse, IT IS ALWAYS SHORT TERM LIQUIDITY THAT GOES FIRST.
It is probably rightfully assumed that this freeze in the global market has led banks to sell the one asset that can raise $USD in a hurry...
GLD down 2.5% today
GLD going from a positive divergence to a massive sell-off in 3C
It would not surprise me if USO which as you know, crude trades in $USD, is also being sold for the same exact reason.
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