Well for all the debate over the last several weeks as to whether or not THIS would be the time that the bullion banks finally got trapped by their own shorts, I think we can now see that this is not yet the time. They've got quite a nice waterfall selloff going here, down from $1020 yesterday to $985. I would actually like to see them take us back down to $960-965, right around the breakout point from several weeks ago. A successful retest of that would leave no doubt in anyone's mind that the breakout was for real.

It will be interesting to listen to the Metals Wrap with Ted Butler on King World News this weekend as to how the COT report changes after this waterfall.

The little devil sitting on my shoulder is whispering into my ear that this is the beginning of the dreaded "Wave C down" that Prechter and friends have been forecasting for some time. The move in which everything will lose value relative to our worthless fiat dollars. The time to sell everything and buy Treasuries.

I'm not doing it. After listening to his interview with Puplava a few weeks ago and hearing him say something to the effect of, "The Fed doesn't actually print any money for any of these bailouts..." I wonder how he can be so learned yet not understand that they do EXACTLY this very thing.

Hysteria