More red on Wall Street last night on growing concerns about the US economy and its ability to handle higher rates. Whilst ending the session lower the S&P500 again miraculously bounced off the -20% bear market line in the sand without crossing it. However the night was more notable for the surge in both gold and bitcoin against that trend, and likewise bonds bid meaning lower yields in the face of rising rates. We discuss the set up for gold in particular right now.