As shown in the chart below, the S&P 500 suffered a major blow today as key support gave way after a significant intra-day reversal. However, confirmation of this downtrend will be required early next week because the banksters have had a relentless tendency to prop markets over the past several magic Mondays.

Should equity markets begin to tank though, gold will have to break away from the selling pressure this time in order to prevent a repeat of the massacre received in the Fall 2008. Although the COT reports are suspected of being massaged like other government data, the latest ones just issued a few minutes ago show that the commercials covered a significant volume of shorts over the past few days. This could ease the pressure on gold and silver going forward and represent a nice set-up for us.

Laughable GDP - VHF

-