Ben Bernanke gets little approval lately:
- not from retiring baby-boomers seeing their bonds yield next to nothing and losing purchasing power with sustained inflation;
- even less from the Austrians, rigorously insisting on higher interest rates to prevent capital misallocation and demanding that investments ought to be funded by savings;
- not even from the liquidity junkies, dissatisfied with 'only' permanently low Fed rates and eagerly screaming for more QE.
It seems Wall Street is increasingly dominated by this last category, who were selling off both equity (with the S&P down 0.4%, though off the day lows) and not in the least gold, which lost about $30 in about half an hour in thin Globex trading. Gold quotes at $1645.6, down 1.95% by 4:40 pm. Silver limits the loss to 1.09% to $32.64.
PM Miners were slain, with losses outnumbering gains by a stunning 7:1 margin. The gold miners index sheds 3.82% posting a new low. The silver miners index loses 3.36% and the equal weight index limits its loss to 2.34%. There 's nothing left from the nascent miner recovery. With the HUI down 3.34% the HUI/Gold ratio drops back on its 0.28 support

. See the updated graphs on the page:
http://gwyde.blogspot.com/p/gold-miner-pulse.html
Scorpio Mining Corporation and Soho are the laggards of the day with a double digit loss.
First Majestic bids C$0.60 for Silvermex sending it soaring 26.7%. Guess the market appreciates First Majestic acquiring Silvermex on the cheap: the stock is down only 2.66%, comparing favourably to many of its peers (HL, PAAS, SVM) losing over 4%.