Traders and investors are running toward the exits. There is a combination of reasons for this not least among them the imminent approach of the big fat holiday season and the end of the year book balancing dance.

As we pointed out yesterday the Volatility Index (VIX) has been going crazy. It is up 34% this week, meaning there is much more implied volatility in markets of all kinds.

The yanking this way and that by fundamental forces now growing wilder and woollier by the day, left gold almost becalmed in a sea of madness.