Metals – the selling materializes

I was surprised to see little panic in the headlines this weekend. The Asian markets continued to slide.

This morning, all the metals are down 3-5 percent.

I am covering most of my gold puts as the stocks will be down 15-20 percent from their highs set just 3 days ago.

I am 15-20 percent away from getting back in a seriously long Gold position, but may nibble if the selloff accelerates.

I am at a Mesh Up – Internet conference in Toronto until Wednesday. The Business media writers have gottent together to discuss new media, blogging and conversation about start-ups. It is good to see some friends and family and it is a good turn out.

I did have the pleaseure of chatting with Bill Cara over dinner last night. We discussed blogging and the media and the markets. Always fun to speak with Bill as he has a simple way of looking at the markets. He sees the copper prices as the trigger for a biug selloff that has started today.