Gold is one of several assets that have seen heavy selling in the past half-hour. Gold has quickly turned a $50 gain into a small loss in a near-vertical drop.

Elsewhere, strong gains in US equities have faded as well with a 0.5% rally in the S&P 500 fading to 2%.

Bitcoin is also being hit with selling as it falls 3.3% on the day and cracks $90K to the downside.

This looks like a headline driven move but the only headlines are the ones about Russia and I don’t see that as a reason for these moves.