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The PIGS are Back

Apparently the EU issue hasn't gone away, imagine that.  Greece is still likely going to default on its debt, causing a major problem for EU Banks.  Ireland, Portugal, Spain, and Italy still have issues as well.  Nothing has changed, folks, except for a delay of the inevitable.

The EU issue is a glimpse of the USA issue.  Frankly, the US is far from being "off the brink".  If you're expecting the US story to be any different, you're deluding yourself.  The painted picture sees uncertainty and weakness that has yet to be resolved.  Banks, community and regional banks, continue to fail.  Housing weakness remains with continued downside potential.  Consumer confidence is failing and unemployment validates that weakness will continue.

Gold and Silver hitting new highs.  If you haven't already consider the GLD or SLV as potential hedges for the weak Global economy.  Even the strengths in China should be suspect.

Disclosure: Long on GLD