I filled some orders on SVM today. BTW, Diabullic, I enjoy your posts and I don't know for sure what will happen. Not disagreeing with your point about stagflation, because it all depends on how you define inflation. According to the traditional Keynesian definition of Inflation being caused by excessive printing of dollars, and according to the fact that we have had two flat quarters, I count us as having been in stagflation for two quarters. Last year, money printed beyond GDP in the U.S. was around 16%, and god only knows what it is this year with the treasury jumbo jet dropping money on Iraq and Helicopter Ben with Pilot Paul dropping it on the rest of the country. You can also add in the drop in the U.S. dollar. Oficially, we are even in stagflation in Canada.

To me, the question is really whether we continue to have stagflation but it speeds up, or we have a depression and absolutely everything including gold and pm's go down in value. In this case we're all screwed for a little while, but people still have to do something with the money that exists. Something will appreciate on a relative basis long term, and I'm still beting on pm's

MR