Heavy liquidation in most markets as a combination of counter party risk, forced bank sales, MF Global THEFT of client funds resulting in margin selling and chaos in Europe all came into play.  I suspect we will see another day of this and then the FED disguised as the IMF will step up to the plate.  Our politicians will do everything they can to protect the banks at the expense of the 99%.  EUO worked well in our favour and I am glad I stayed with the full position as opposed to switching some into AGQ.  We are approaching December deliveries for both gold and silver and it would not surprise me if we see a squeeze as more and more people realize that certificates of ownership in unallocated gold and silver can just be stolen by the MF Globals of this world so I am looking to buy AGQ.  The risk is that paper gold and silver are potentially worthless and at some point AGQ and similar trading vehicles will just be shut down  i.e. you need physical gold and silver not paper.

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