As BigPic just mentioned, tag team duo Hank and Ben have been trying to reassure investors that markets are not crashing and that everything is OK. In the meantime today, FRE is -25%, FNM is -12%, WB is -9%, LEH is -11%, and GM is -8%. These are heavy hitters that are falling. LEH and GM also broke key psychological $20 and $10 levels, respectively.

Additionally, bank home seizures increased 170% in June YOY. This is devastating and will only serve to worsen bank write-downs.

And, in a show of strong U.S. defiance, Iran again fired a series of medium and long range missiles this morning. This is even after the U.S. issued their warning last night.

Overall, precious metals should be firing on all cylinders today as current financial and geopolitical conditions do not get much more favourable.

Regards - VHF