And the metals and miners continue to get sold aggressively.   Since September

- The Fed's committed to increasing 'QE' (read debt monetization)

- Their sale of short-term TBills to offset long bond purchases has ended (end of sterilization)

- They've committed to open-ended monetization at the rate of 85 billion/month

- Germany's repatriated a good chunk of their gold

- US mint repeatedly runs short of silver eagles

- Now the Canadian mint limits stock of maple leafs

- China has, through various channels, indicated that it's planning to challenge the US reserve currency status

- Japan commits to a massive monetization program with the express intent of causing inflation

 

And yet gold and silver are managed in a tight channel, while the miners get aggressively sold through what is normally their strongest season, and to a level where for many the price/POG ratio is approaching the levels of December 2008.

 

Since I don't believe that the bull market is over (not having had a big blow-off mania phase yet) I have to think that this is just a setup to break the morale and confidence of even the most ardent believers before starting what I think will have to be an uptrend of historic proportions.  But the market's ability to keep grinding lower and lower is hard to watch, even knowing all the above points, and strongly suspecting the motivation behind the recent moves.