Bonds: Yield on the 10 year T-note was 3.41%. Yield on the long T-bond was 4.08%. Yield of the 91 day T-bill was 0.02%.
CRB Commodity Index was up 13.14 to 464.92.
Dec. gold was up 90.30 to 870.80. Sept. silver was up 1.53 to 12.04. Oct. platinum was up 17.80 to 1086.30.
GDX was up 3.55 to 34.10. HUI was up 32.97 to 314.33..
ABX was up 3.71, AEM up 5.80, ASA up 5.37 and NEM up 3.71.
My Most Active Stocks Index was down 15 to 165.
The VIX was up 5.85 to 36.15.
LATE NOTES: Today there were only 12 new highs and 1018 new lows. 3312 stocks were traded today, which means that almost one-third of all the stocks traded today hit new lows -- a ghastly performance. Lowy's reports that today may have qualified as a 90% down day. I ask myself, will the Dow decline to the point where it yields a classic 6%.? I certainly hope not, but I'm ready for anything.
There are those who have made fun of the so-called crazy "gold-bugs." These are the people, many are my subscribers, who have held on to their gold like the bite of an angry pitbull. The last man standing will be he who owns gold. When all is lost, gold will still be the island of indestructible wealth.
What you read here I don't think you will read anywhere else. Feel free to send a copy of today's site to family members and friends, and even to your broker with the blessing of this old veteran.
50% Principle finally turns bearish.
Sadly, I must report that the Dow closed today down 449 points at 10609.66 -- a tragic close. This takes the Dow below 10725, which is the halfway level of the entire rise from the Dow 2002 low to the 2007 Dow high. The great stock market balance has finally tipped over to the downside, and the extent of the potential market losses ahead are now unknown. I was hoping that the downside of the Dow could be confined to the area above 10725, but this was not to be. I now urge subscribers to move as far as possible into cash and T-bills with a balance against catastrophe via gold coins.
I just spoke to my coin dealer, who told me that he is able to get sporadic groups of American Eagles, but Krugerrands are "off the market" and where available are selling at huge premiums. He can obtain Canadian Maple Leafs and in rare cases odd lots of various gold coins. The US mint is out of Eagles.
December gold closed today up 70 dollars to 850.50. Shades of 1979, and subscribers who were with me in the '70s know what I mean.
