The stronger dollar — or better yet the weaker British pound — is whipsawing bonds, equities and commodities.

While the pound hit a post-Brexit low of $1.26 on Thursday, gold has fallen over $100 an ounce on the currency weakness/strength, according to some market mavens.

I see it from another angle.

The selloff in precious metals could be a symptom of a greater problem. Is it forced selling by financial institutions that need immediate liquidation? Think large European banks like Deutsche Bank or the troubled Italian banks.

As selling in the US bond markets ramped up the past two days, The large moves to the downside have the feeling of panic selling.

I’ll need some more data, but Thursday move in the 10-year note shows selling is accelerating.