Stock futures are falling as Trump's 48-hour ultimatum for Iran to open the Straits of Hormuz approaches, threatening strikes on Iranian power plants. This has led to broad market pressure across currencies, metals, stock indices, and cryptocurrencies.

Gold is in a free fall with nine straight days of losses, plunging nearly 9% overnight to $4,100/oz. Markets tend to crash when they reach oversold territory due to stop-losses being hit and capitulation occurring.

The selloff in gold and metals is driven by a classic 'dash for cash, dash for yields' dynamic. When fear hits, investors liquidate their most liquid assets first, with gold at the top of that list.

Global Treasury yields have surged on concerns that oil prices will continue to stoke inflation. Two-year gilt yields hit their highest level since February 2024, and traders are pricing in a full percentage point of Bank of England tightening by 2026.

Traders are now pricing in about 20 basis points of Fed interest rate hikes by year-end. Fed rate cut expectations have been seemingly wiped out.

10-year Treasury yields jumped to 4.43%, a massive move higher. The dollar index is just below 100 at 99.94.

European stocks are slumping, with the Stoxx Europe 600 index on course for a correction from its February record highs. Miners and real estate are the weakest sectors.

Asian stocks dropped, with the MSCI Asia-Pacific index falling 3.8%, taking its decline from the February 27th record high to more than 10%. Equity gauges fell more than 2% in South Korea, Japan, Hong Kong, and Taiwan.

It looks like it's setting up for another aggressive day lower, but the question remains whether we've seen capitulation-type moves in gold, silver, and other markets.