Short Everything: Gold Breaks Support

ZH: Albert Edwards: The "Ice Age" Is Over, Replaced By The Great Melt And A Crushing "Beta Drought" MSN: Gilts in freefall and sterling dives as Chancellor spooks investors

UK government bonds are in freefall following Chancellor Kwasi Kwarteng's mini budget, with sky high spending pledges and sweeping tax cuts spooking investors. Five-year gilts are on course for a record one-day fall, with yields jumping 50 basis points, while two-year gilts look set to see their worst day of trading since 2009. The mini-budget, which promised to bring an end to a 'vicious cycle of stagnations', also piled further pressure on sterling, with the pound falling to within touching distance of $1.10.

Austerity is over. Burn the bond market to the ground along with the housing market and stock market.

Not surprisingly, the rather (always) bearish Edwards thinks that Minack is right as the world is "likely set for a decade or more of poor financial returns exacerbated by the current ongoing economic ideological shift, which effectively means that interest rates and inflation will rise on a secular basis – i.e. The Great Melt."

Gold broke major support. The analog from 2012-2013 is in play. Every chart says a plunge is possible from here. The lows will be taken out on stocks, bonds, currencies, everything.

I'm sure a bounce is coming for markets, but unlikely until Monday at the earliest, with the low for this part of the move coming during Monday trading at the earliest.