Hansix,

FWIW, I mentally consider "tanking" to be taking out that last support level, say a trip to the 13s or lower. I am not predicting this, but only responding to your question.

Regarding whether the SP is pricing in a lower POG, I don't think POG matters much. The SP acts like our gold is locked in a sturdy safe and we have neither the combination nor the tools to break in. That lack of access is the perfect metaphor for the credit seize-up we have now.

We need access to money, or dinero in Baires' location.

Strike