What I found amusing is the self-righteous idiots on CNBC were crowing about how bad the Euro region has become that they are cutting such a large chunk in interest rates, yet interest rates in the Euro region remain much higher overall than in the US. The Euros have been far more responsible and upfront throughout this crisis, and lets not forget where the problems started...

I also found it interesting that when oil was going parabolic, it had decoupled from gold. Now that oil is slumping, it seems that the relationship with gold has been restored, in that gold seems to drop right in step with it. Again, I do not believe in coincidences, and it all looks much too convenient for this skeptical observer. Intervention is the last weapon that still works to hold this market together, and they are working overtime to ensure that gold does not break out and show strength.

On the positive side, it seems that most of the selling among the juniors is done and there is very little downside momentum now to go with the days when gold and silver are crushed. It may be too early to call a resumption of the bull market, but the bear market seems to have run its course. Tax loss selling season will be done in a few weeks and then maybe we will have some upside to look forward to. And if we get a delivery failure for gold or silver in December, then game on...

cheers!

mike