Gold Below 1,000 - Correction is Due - Take Precautions, but Hang Tough

Gold is off 11+ to 997, Silver -0.35 to 16.30. The DOW is off 29 to 9716.58. It has been lower. We have a buying opportunity with BYDDF at 8.85 or so. I recommend some selling of a portion of the other mining stocks, but not all. You might want to consider some trailing stops. We have to hang tough on these corrections, but a few precautions are wise.

More on the Fed's confession from The Daily Pfennig today:"

And then there was this... The Federal Reserve System has disclosed to the Gold Anti-Trust Action Committee Inc. (GATA) that it has gold swap arrangements with foreign banks that it does not want the public to know about. WOW! This is a BIG DEAL folks, as the Fed as recently as 2001 (Big Al Greenspan) denied that these swap arrangements existed...

GATA believes that this letter suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.

So guess what I think regarding the Fed now? That Ron Paul's bill to audit the Fed needs to get on a roll! Remember, it comes before a committee tomorrow, I believe, where it will be decided to forward the bill on or kill it... So, call your representative and tell them you believe they should back Ron Paul's bill to audit the Fed! I've got a bag full of names to call these guys at the cartel, I mean Fed... But, those are verbally used only... Nothing in writing... Hey! This is a family safe letter!

WOW! This IS an opportunity for Ron Paul's bill to audit the Fed to be heard. Let's flood the Congress with calls, emails, and snail mails in support of Ron Paul. The Fed has never been audited and seldom even questioned deeply on all of its mistakes and games it has played through the decades. Here is an opening for us.

Getting this out in a hurry. Best to each, Doug