Golden Jackass Tobacco Shop

[haystax]

Excerpt From Fleck Tonight:

"Precious (Metal) Love: Away from stocks, fixed income was weaker, the dollar was stronger, and the metals were hit once again, with gold down 1% and silver down 2%. To answer those of you who have emailed me, I continue to like both Pan American Silver (PAAS:Nasdaq - news - commentary - research - analysis), of which I am a director, and Newmont Mining (NEM:NYSE - news - commentary - research - analysis), though they have been weak of late. I haven't added to my positions just yet, and I haven't bought any metals again either, but I expect to.

Nonmetallic Roulette Wheel: I believe the metals are going down simply because they didn't "work" in this period of the stock market selloff. One of the reasons they haven't worked is that people haven't really accepted what's coming next, and what's coming next are tremendous problems for the economy, and other complications. In the midst of a speculative environment that has seen people try to buy tech stocks and catch the bottom, is it any wonder that there hasn't been a mad scramble for the metals? That said, I think there will be another opportunity to buy them shortly, and I will keep people apprised on that score."