Mostly: Classical

[ItsAllCyclical]

My two bellweathers in the big cap PM area are both down much less than GLD (GG, NEM). Both got even at one pt in the day even w/gold down $30 at that pt. We've since had another $10+ down in GLD and more broad market weakness. With the exception of a true crash I'd say the action is pretty good and this does look like capitulation.

More importantly Bernake has achieved a big selloff in commodities w/just talk so far. He's not going to intentionally kill the market so I don't think this goes much further ST. This fall/winter of course is another matter.

We've got silver below $10, gold getting close to $500 again, HUI getting close to major breakout area (255-260). I'm a buyer and will continue to scale in here.