GBP/USD marched its way into a third consecutive bullish session on Thursday, climbing back over the 1.3500 handle and paring away most of the early-week losses from Monday’s half-percent decline.

The fact that foreign central banks now hold more gold than U.S. Treasuries marks a Rubicon moment. Once, Treasuries were the ultimate safe haven, the asset no reserve manager could ignore. But that trust has cracked.

Solid continuation today, but the participation and volume remains quite light for the S&P 500 (SPY).