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All markets tumble as fear rises; 'significant collapse' is underway - Chris Vermeulen

Kitco News

(Kitco News) - Tuesday saw a broad market selloff as equities tumbled alongside safe have assets like gold.

As of 1:00 pm EST, the S&P 500 fell 1.15%, and gold dropped by 1%.

Speaking to David Lin, anchor for Kitco News, Chris Vermeulen, chief market strategist of TheTechnicalTraders.com, said that a broad market correction is just starting, and safe haven assets are going to fall alongside risk assets.

In particular, uranium stocks are in danger of a "reset" to much lower levels, Vermuelen said.

The market selloff comes as Treasury Secretary Janet Yellen conceded on Tuesday that interest rates may have to rise in order to contain inflation.

For more information, watch the video embedded above.

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