Global equities got hammered yesterday as Spain and Portugals debt pricing rose. Leading some to opine that the European situation is worsening. The talking heads believe its nothing more than a correction in the equity markets and in the short term I tend to agree. None the less, fund managers bought the metals as a fear hedge, which bounced gold $30 off the lows. All eyes on the earthquake this morning and the possibility of another Tsunami. Metals appear supportive but the market is again a headline market, which opens the door to more volatility.
