I described the run toward the dollar in the early trading hours as part of the safety trade, however, the dollar has turned down sharply this afternoon and given back most of the gains.
The biggest beneficiary has not been the precious metals but the Swiss Franc. The chart below shows the steady rise through trading this afternoon. Perhaps we are one step closer to the final "endgame" where investors realize that running toward a bankrupt country (the US) is not a form of safety.
