This is beginning to get crazy. The European Central Bank (ECB) says they will jump into Spanish and Italian bonds in a big way. The G-7 says it will do anything necessary to stabilize the markets.
If the markets are unstable, there is a reason. The US is now out of options and no matter how much bad money the ECB tosses after bad debt, the markets will not stabilize.
If you are short gold, you are going to get a margin call in twelve hours. People who don't have the funds will be sold out of their positions and gold will go higher again. More margin calls. You know gold is going up on margin calls because (1) no one sells into an uptick, (2) silver isn't keeping up and (3) platinum is actually losing ground.
As I write this, gold is less than $12 from the $1,700 mark and silver hasn't broken $40. I hope I wake up in time to come in here and watch the New York market open. Monday will be a fun day.