A flash crash saw gold drop more than $70 an ounce in early Asia. Silver was dragged lower too. The precious metals have stabilized at lower levels, but it signals a rough adjustment to a higher interest rate environment as hawkish BOE and strong US employment data suggest peak monetary stimulus is at hand. The dollar is broadly mostly firmer against the major and emerging market currencies. The JP Morgan Emerging Market Currency Index is lower for the fifth consecutive session, while the euro was sold to its lowest level in five months before stabilizing. Bonds in the Asia Pacific region sold off in the wake of the ... (full story)