As I suggested might happen yesterday, the precious metal longs were given a gutcheck today as the price was hit on the NY open.

The housing number this morning was a well-seasonalized canard, from the looks of it.

Below the chart, there is a reprise of Bill Moyers and David Stockman discussing the crony capitalism that is pervasive on the US economic scene, have encompassed both political parties, despite their marketing campaigns and brand differentiation.