Stocks and Gold Prices Melt Down: Is This More Than Just Inflation?

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is meltdown mode for financial markets — but not in the way one might have expected. Stocks extended their breakdown and gold cratered right alongside them. What ties these moves together seems to be the destination: cash. Price action is starting to look less like a reaction to any single piece of news and more like liquidation with a life of its own. The bellwether S&P 500 followed through on last week’s breakdown, which had been gearing up for weeks amid fading volume and momentum. The index broke the bottom of the range in place since mid-May, exposing the way down toward former resistance turned support near 7100. Gold, meanwhile, did not merely leak lower as it had been — it broke a major inflection level, and a move below $4000/oz now looks to be in play. It seems like last year’s two great speculative narratives are being cashed out at once: gold’s relentless climb as a non-sovereign hedge against a deepening US-China trade war, and the artificial intelligence (AI) buildout trade in equities.