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Just as we warned, not only is it time to panic but the panic is 'contagion'-ing over into the sovereign risk market. European banks are in freefall, down over 4.3% broadly, crashing to 2012's "whatever it takes" lows.

European bank risk has gone vertical... Today's spike is the largest since April 2010

TBTF banks are all seeing credit risk explode - to 52-week highs and beyond...

Slamming European bank stocks back to near "whatever it takes" lows...

Just over two weeks ago, JPM's Marko Kolanovic, whose unprecedented ability to predict short-term market moves is starting to seem a little bizarre, warned that the next "significant risk for the S&P500" was the bursting of the "macro momentum bubble." Specifically, he said that there is an emerging negative feedback loop that is "becoming a significant risk for the S&P 500" adding that "as some assets are near the top and others near the bottom of their historical ranges, we are obviously not experiencing an asset bubble of all risky assets, but rather a bubble in relative

Gold is now up over 13% from its pre-Fed rate-hike lows, having surged through its 200-day moving average by the most in 2 years. As bank risk spikes globally, it appears bonds & bullion are the investment of choice once again in the face of systemic fragility concerns. At 4-month highs, gold is nearing a crucial breakout point...

After the heavy volume puke in gold after the jobs data, buyers have stepped back in size...

Pushing the precious metal furthest above it 200DMA in 2 years to 4-month highs..

While the ongoing slaughter in European bank credit, and mostly counterparty risk, is troubling, it is nothing new: we have been showing it for over a month, most recently on Friday in "European Bank Risk Soars To 3 Year Highs, US Risk Rising."

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