And it was down 19 percent in Canada. The whole sector is a mess. POG continues inching towards a triple bottom, too.

As I've said, the worse this gets, the more dramatic will be the turn-a-round.

LBSR holding well in this environment, as least so far, though volumes suggest the price is pragile

From Jim Sinclair today...

My Dear Extended Family,

Today is a day that should be memorized. Alibaba is the star with a huge market debut making this company worth more than some of the banks that brought it to market.

Long term equity cycles have turned down as the equity market races to new highs almost daily. The US dollar is trading into decades old overhead resistance with long term dollar cycles due to turn down in the fourth quarter of this year.

Gold, whose long term cycles have turned up, is plumbing previous lows and trading into major support. This is a classic example of "Popular Delusions, and the Madness of the Crowd."

This is a period of time when major market changes have a high probability of happening. This is a time to control yourself, returning to fundamentals and gaining what guidance can be given by history. This is a time not to listen to your emotions. This is a time when geopolitical developments have the ability to impact markets significantly, certainly in the dollar/euro cross rate.

Cycles are probabilities, but not absolutes. Only when price direction confirms the direction of cycles can long term trends be considered to have turned.

That point in time is the next major event more important than Alibaba. There is another $10 billion dollars in new deals coming next week. That is a bubble if there ever was one.

I am fully committed to gold, and remain so.

Sincerely,
Jim