Gold was higher in the far East on Monday, flattened out in London, but took off once New York opened and continued to rise to a peak of $900 at noon, at which point it was driven down and declined through the rest of the Comex and went flat on the Globex, finishing at $892.60/oz., up $13.40. Overnight, gold has been flat.

The credit squeeze will intensify over the next three months. “There are the causes of the crisis and there are the drivers,” says Wolfgang Munchau of the FT by way of introduction at the Unicredit Global Market conference this morning.