Wow, what a day for negative economic news today. Even over the last few hours we have seen the State of California declare a state of fiscal emergency, U.S. real estate icon Donald Trump miss a major loan payment, and Helicopter Ben state that he is willing and ready to purchase U.S. Treasuries. Only the naive would think that Ben is telling the truth this time and believe him as I am sure buying U.S. Treasuries has been done before and is likely now reaching epidemic proportions. Nothing like painting a picture of strong demand for worthless paper, especially for the herdish fund managers.

To top off the day, we see that the Bank of America just received a lawsuit via their stellar investment in CountryWide Financial. Early estimates put the lawsuit at a value of about $80 billion. Nice investment BAC. Perhaps we should throw more dollars at these same bankers due to their keen investment strategies. Here is the link to the lawsuit... http://tinyurl.com/6qxpb3

As CNBC commentators reminded their listeners throughout the day - "Today should have been a perfect day for gold to rally but it tanked along with everything else." Such comments guarantee that gold was suppressed in the usual coordinated fashion otherwise its true safe haven status would have surfaced. It almost makes one wonder if gold was allowed to rise last week just so they could severely hit it simultaneously with the scheduled economic data. Gold is presently making some progress in Asia to offset the Western central bank suppression.

There should be a lot more negative economic data throughout this week. We will see if gold can break away from the suppression by the end of the week or just continue to be collared.

Regards - VHF