What a wild day in the markets. As I mentioned in the wee hours of the morning (see last post), "I will be stunned if the immediate response is not a gigantic spike in precious metals later today."
Silver soared to $29.25 from yesterday's close of $27.72, a huge spike, up almost $1.60.
Then there were two formal attempts to engineer a price sell off.
By the time the day was done, Silver settled at $26.80, down almost $1 from yesterday's close.
As I said on the weekend, the watchword for what lies ahead is volatility. We are going to see violent swings in all areas.
For the inflation vs deflation fans, yesterday Peter Schiff and Robert Prechter carried out a 15-20 minute debate on Schiff's radio show. While both agreed that the US is doomed, Schiff argued for inflation and Prechter argued for deflation. It was a very civil debate and far more in depth than anything you might hear on CNBC.
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