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A few observations on the recent precious metals market:

Chancellor Angela Merkel sent gold on a continued dive on news that she would oppose raising the €500 billion funding cap for Europe's bailout fund. The hope had been that there would at least be a discussion of raising the ceiling at the next big meeting. Germany said "Nein!" End of discussion!

Remind me to take Fed Chairman Bernanke off my Christmas list!  In its last meeting of the year, the central bank's open market committee upgraded its growth assessment for the U.S. economy, saying inflation was moderating although the job landscape remains weak. Weak? WEAK? Give those guys a sobriety test, they're celebrating way too early!

While we're at it ... Bartender, give me whatever they're drinking - and make it a double!

Just a little side note: Apparently an item of very little concern to anyone in Washington! Reports from Rueters are that Iran will practice closing the Strait of Hormuz. I understand that concurrent with the practice closings Israel will practice aerial bombings over Tehran. 

You know, as long as these guys continue the flip side of the Smother's brothers routine of "Daddy loved me best", I think I'll hold my gold and silver and thank Chancellor Merkel for making it a little less expensive for awhile!


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