May 15, 2006


The US markets have held up well today but I think a big down move is in order to get some fear and energy back into the markets.

As I wrote last week and linked to others, the metal prices were unsustainable in the short-term. Today we are getting the big woosh down, but there could be much more since the run-up was so fast and prices generally fall faster than they rise.

I remain verfy bullish in gold and silver more than the other metals over the long term.

I will be selling the rest of my gold stock puts at the close and rethink everything from my hotel room tonight.

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