Looks like the markets voted with a big vote of no confidence.

The Euro took a big slide, sending Euro gold almost to a higher high. That could be more support for a new uptrend in gold. Silver is not doing well, because of its commodity-like nature, but dollar gold is holding up ok because of the rally in Euro gold.

Many analysts are noting that the rising bearish wedge in equities has been broken to the downside. We could get a bounce after today but chances are a major new downtrend has started in equities.

Gold might be ok for a while, and might even rally. Tough to say just yet. In dollar terms it’s hovering around the $1200 mark. I still think there is potential danger lurking toward end of this month. But this definite move down by equities could change the picture.

More soon.