Yesterday we closed the fundamentals portion of our email by discussing how many votes would have to swing in order to change the Fed's direction on QE3. Apparently many precious metals analysts can't figure simple math. Perhaps they are into advanced trig and algebra that mere mortals cannot comprehend.

Just to be clear, a bear has lots of fur, claws, big teeth and is - well - bearish. A bull has horns, powerful shoulders and delivers a heck of a kick. 

The rising dollar is accounting for 2/3rds of the drop in gold today. Why the dollar has risen in the teeth of bad economic news is always a conundrum, but it seems that the equities like weaker retail sales because it could portend deeper cost cutting by corporations.