Looks like a concerted effort to smash the metals for sure. No doubt speculation as to why will be flying around for awhile. Argoz may have the answer for the beating - gold deliveries and the death of COMEX. We shall see soon enough.

The manufacturing news from around the world is not good to start the week. Manufacturing has contracted by the most on record in China in November as well as at a record pace in the 15 nations that use the euro. South Africa manufacturing contracting the fastest rate in 9 years. Simply put, manufacturing around the world is contracting at a record rate. Yikes!

As Paul Volcker stated the other day, economic deterioration has metastasized and by Jan 20 will present Barack Obama with an almost impossible situation.

So, shouldn't gold be flying?