Over the last month, we have experienced a major selloff across nearly every asset class. The S&P 500 is down by 9.4%, while bonds are also down evidenced by the 6% drop in the iShares 20+ Yr Treasury Bond ETF (TLT).
In the commodity complex, the picture is more mixed. Gold is down by 8%. There is also weakness in industrial metals with copper down by 15% and underperformance in steel and iron ore stocks. One exception is crude oil which is higher over the last month.
