There is a major selloff in commodities today (as we first wrote about below) and it's getting worse. Gold is now down 2percent. There are all kinds of theories for why, but nothing totally convincing. One line of chatter is that some huge options trades were made last night, but blaming market movements for trading is kind of circuitous.

Silver is also getting clobbered.

Oil is also fading.

Equities are also getting caught in the downdraft. Indices are off roughly on the order of 1percent. Dow is down 100. Europe doing a bit worse.

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Earlier: It's unclear what just happened, but as U.S. trading cranks to life, commodities have dumped.

Gold just dropped about $15/oz in a couple of seconds.

And here's Silver:

And oil is fading.