I agree that the market is irrational but that's just down to fear caused by huge leverage and declining asset prices. Investors are running for cover and selling anything with a bid in order to get liquid.

I'm still bullish for the metals and hence for the PM stocks. People are raising cash. At some point that cash has to go somewhere, particularly as you cannot trust the banks anymore. We know the retail suppliers for gold and silver are out of stock. Sentiment towards gold seems to be turning with the banks according to a few posts I've read this morning.

I been away since Friday on an annual backpacking trip with a few friends and there seemed to be the beginnings of a realisation that things are pretty bad even amongst those who don't follow the markets. We talked a lot about gold and they were actually interested, which is a change from last year. I think the tide is starting to turn.

Re the US Congress. It beggars belief that an organisation that has consistently passed legislation saddling the US taxpayers with debt and obligations they cannot afford all of a sudden gets religion and baulks at the cost of the bailout sending the financial markets into chaos! That's like a 40 a day man packing in smoking when he's told he's got terminal lung cancer.

Once you've started down the road to inflation there is no turning back. You're 25 years too late Congressmen.