Gold flies over $1900 and European markets collapse, DAX -5%

Weighed down by debt and Soverign debt crisis, European financial markets are crashing today as credit spreads explode. DAX is trading -5% below it’s close on Friday.

S&P futures are down -2.5% from Friday’s close as the slow trains wreck of European credit crisis
impacts US international banks with exposure to those markets. Bank of America, Citigroup and other US banks are down about -5% in European trading.

Gold futures are comfortably trading up above $1900 as gold cements its status as a safe haven purchase.

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