gfp: A very frustrating drop for sure. The market appears to respond to anything the Fed SAYS, but the Fed never does what it says it might do....which is raise interest rates. And it can't. If they raise interest rates the US Budget gets blown to smithereens as they try to roll over that close to $30 Trillion debt, the largest portion of which is held in shorter term Treasury instruments. Raising rates would also stifle the housing market, hurt current bond investors, and tank the stock market rendering lots of pension funds (public and private) insolvent. So the Fed is paralyzed. They jawbone and change nothing. We are full blown into Modern Monetary Theory....we maintain our current level of consumption with money printed out of thin air. It's never worked before in recorded history. It won't work this time either. I have no doubt gold and silver will have their day in the sun when reality strikes. I anticipated that reality would intervene by now, but I have no choice but to hang tough. And Rinear has not mentioned the causes or causes of the drop last week. Maybe he will later today in the weekend issue of his newsletter.