Ted Butler announced the development of the long corner in gold months ago. He documented the short corner in silver for multiple decades. There have been no credible critique of how these calculations were made.
The numbers don't lie—but politicians and industry bigwigs do. While pundits still wax poetic about an era of American energy independence, Bill Powers sees productivity plummeting in almost every major shale play.
Judging by the mail the situation seems dire and ominous to many. We don't have the numbers, but we would wager that the number of times the words "collapse," "panic," "recession," and "double dip" are being used by is near a high point.
The strange thing about gold and silver is that while they are the last vestige of a money that is not in and of itself able to be manipulated by the political criminal class, many people still trade instruments in metals which are easily manipulated.
Long-term gold investors must remember that we have been here before. Remember that gold is always being driven by the fear trade and the love trade. During weeks like this, the fear trade gets most of the media coverage.