Gold hit a 3.5-month high of $1,434 overnight, while silver poked over the $25 mark to $25.12, before liquidations of fresh long positions had the metals return to yesterday's ranges. Silver's high was the first time the white metal has broken $25 since April 15.
Oil is up sharply, with Brent crude futures hitting a six-month high while WTI hit an over two-year high overnight. This action helped energy stocks lift Wall St into positive territory at the open, after the worst day since June. European stocks were lower, dropping 0.5% - the steepest drop in two months. Syria worries, and higher oil prices depressing airline stocks were the major factors.
In Asia, the Nikkei hit a two-month low, as safe haven action strengthened the yen and hurt exporters. The Hang Seng dropped 1.6% to a five-week low, while mainland Chinese stocks fell on a developing scandal in the nation's largest energy company led to the resignation of the CEO.
The dollar has reversed its decline as safe haven demand lifts the DXY and the Indian rupee and Turkish lira plunge to new lows. Some of the dollar strength is coming from U.S. pending home sales for July rising at a 6.7% annual rate, though this was a 1.3% drop from June. Some traders think this is putting the "taper card" back on the table at the FOMC September meeting. This view is also moderating the precious metals rally.