Wow! What a clubbing. All 15 PM stocks that make up the HUI, the Amex Gold Bugs Index, not only closed in the red, but every single one lost a minimum of 11% with most around 16 or 17% and a couple over 20%. I have never seen that ever since I started following ECU back in 1998, my first purchase of ECU (Ecudor Mines back then).

To make matters worse, most closed very near their lows for the day. Most of my juniors were down hard also, so the damage seems to be spread around sort of evenly. Whatever that means.

Bill Murphy mentioned the other day that he's been receiving a lot of emails from veteran PM bugs who were calling it quits and selling out. To them, the cartel was unbeatable and trying to fade them was a certain loser. The cartel's pockets were simply to deep. I'm not there yet but getting close.