these comments come from ed steer. first the silver etf can't find any physical silver to buy, although gld has no trouble finding gold. then his take on the impending collapse of the broad stock market. the flight to quality now means buying precious metals, not treasuries:

Yesterday I received a most interesting e-mail from silver analyst Ted Butler. It's well worth the read...."GLD added the largest one-day increase in metal today, I believe, with 46 tons (almost 1.5 million ounces or $1.4 billion). An increase was expected, but not of this magnitude. Funny thing is, I think the metal deposit increase reflects yesterday's (Thursday) high volume of 16 million shares and not today's (Friday) enormous 25 million shares. Today's GLD volume was the highest upside volume in my memory (there have been a few bigger volume days, but always to the downside). We'll see if more comes in Monday. Since June 11, GLD is up 108 tons, or almost 3.5 million ounces, and over $3 billion...versus no growth in SLV. SLV had pretty big volume yesterday (Thursday) and today (Friday) and is still due much metal to come in. This (activity) seems to confirm a flight to quality buying in metals...and further, that they have the gold to deposit, but silver just ain't available."

Without doubt, Hank & Ben's Guardian Angels were looking out for the equity markets yesterday...as the Dow was only below 11,000 briefly. But, in my opinion...it no longer matters. I will pick this past week as the 'point of no return'...the crossing of the Rubicon, if you like. Now it's a death spiral. Hyperinflation of paper financial assets no longer seems possible, as the credit contraction really starts to bite...and the smart (and big) money has begun moving to the hard asset side of the street. A deflationary implosion appears to be gaining momentum. Could this be the first sub-zero blasts of the dreaded Kondratiev Winter?

http://caseyresearch.com/displayDrp....