March 11, 2020 (Gold Market Wire) - While everyone is busy with Corona Virus, an important development has sailed past most market observers.

European Bank Stocks are in a major crisis. This has all the hallmarks of an impending credit crisis that could sweep the world because of the level of mutual inter-dependency...especially amongst the largest names. So when you're worried about the virus, remember, the European banking sector - fully intertwined with the American banking sector - looks like it has pneumonia.

Let's assume the expected criticism that many stocks are lower and that it is unfair to single out the big European banks. To this, the equally obvious reply is that of course, that is true - But these particular stocks and others within the sector are falling from multi-year lows, prior to the latest move down. Other stocks had positive charts before the latest sell off.

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Read 'em and weep...

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We'll start with UBS:

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Next up..Credit Swiss.

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France's largest bank - BNP Paribas

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and last but not least...the ever embattled Deutsche Bank - Germany's largest

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what a collection.