Asia Pacific Opens Deep in the Red: Australia -4.73%, Japan -4%, South Korea -4.81%; US S&P Futures -2.5%, Nasdaq -2.6%; Gold +$17, Silver -$.50

Yet another bloodbath is in the making in Asia Pacific. Moreover US futures are solidly in the red, and that is on top of the after-hours session that was in the red.



Also note that gold is soaring while silver and crude tank.



Here are a couple screenshots.



Asia Pacific Equities







Click here to refresh the Yahoo!Finance list of Asia Pacific Equities



US Futures Rapidly Sinking







The first chart is delayed. The US Futures chart is real-time as of 8:22 PM central. The following charts are delayed.



In the time it took me to finish this post (it is now 8:44) S&P futures are down 29 points (2.5%) and Nasdaq 100 Index Futures are down 53 points, (2.6%) and that is on top of the after hours session which was also down.



S&P: 1083

Nasdaq: 1984



Cash values will be a bit higher.



Energy







Gold vs. Silver







Gold continues to act like a currency. Silver continues to act like a derivatives plaything.



Bear in mind silver has huge industrial usage while gold (not counting jewelry) only has 10% or so industrial usage. Yes, I know all about the reported silver shortages. So does everyone else and so does the market.



Mike "Mish" Shedlock

http://globaleconomicanalysis.blogspot.com

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