Into assets, duh. This is the cause behind the commodity slump; capital buildup always means increased production and lowered prices. But, it also means lower demand when caused by malinvestment (spending on capital that which would otherwise have been consumed, or spent on other assets). So that's one big part of the unexpected intensity of this commodity collapse.

Of course, this also means a bond collapse is inbound, as overcapitalization means expected margins never appear and loans can't be paid. Which is occurring as we speak in the junk market. I think Ilargi is mostly right in his '16 predictions, especially about the central bank attempted hail marys and wars. Both of which are great news for Gold and Arms (and eventually oil), by the way.