Stocks And Precious Metals Charts - Stocks Plunge Lower

"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. 

When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! 

Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."

Andrew Jackson, in a meeting with the Bankers, February 1834

Stocks were on another wild ride today, plunging lower than the lows from yesterday, which were erased by a 'timely' boost in buying.

But alas, it was not to be today, as this fresh draft of fear swept over the halls of the mighty, the financial engineers and giants.

Although some short covering and late day buying in the futures managed to take stocks back up to some levels with more 'comfortable' losses.

If stocks cannot shake this off and manage to close the week out in a decent position on some support, we could see a fresh wave of more serious selling next week. Or sooner.

Gold and silver continued higher. The chicanery associated with the recent 'FOMC and Non-Farm Payrolls' slam dunk is over, at least for now. 

But gold needs to lead the way and break out cleanly above the very obvious and tempting overhead resistance.

From our oasis to yours, have a pleasant evening.

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