Oil surged. Gold crashed. Nothing behaved the way it should.

Gold is supposed to rally during a war. It didn’t.

Oil surged 13%. Gold hit $5,400 — then crashed below $5,000 the very next day. Silver fell 9%. Every asset moved. Most of them moved in the wrong direction.

Prakash Bhudia breaks down the second-order effect that caught markets off guard — and the signals traders should be watching right now.

:backhand_index_pointing_right: The volatility cascade: When everything moves at once