In the aftermath of yesterday's faux "tapering" announcement - following a miserable +0.1% GDP reading, which per today's revised durable goods figure, was actuallynegative - PMs have been attacked with impunity; on this, the third annivesary of the 5/01/11 "Sunday Night Paper Silver Massacre." With most of the world closed, TPTB have bulled up stocks and bonds despite the so-called "tapering" increase; and amidst a flood of horrible global economic data, particularly in the U.S., have taken gold down $30 from Friday's highs, and silver to near its multi-year lows.

As I wrote today in "the True State of Precious Metals" - to be published on milesfranklin.com shortly, NEVER in history have PMs been so cheap - relative to plunging supply, surging demand, and raging fundamentals. At prices well below the cost of production, how much longer can this historical aberration last?