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