The Index has had a meager dead cat bounce since May but the fallout from the plunge has just begun.

One of the world’s largest worldwide shippers, the South Korean Hanjin line, just filed for bankruptcy. And, being one of the largest shipping companies it has caused chaos and disruption in the sector. Turmoil in global shipping is a clear indication that something has definitely gone awry.

Oh noes, not every indices in the world are going up or sideways, there is an index going down and a company filing for bankrupt. This must be a harbinger of impending doom. /s

That being said, I agree with the general analysis, including (first and foremost) the fact german banks are refusing to redeem gold certificate is a default and the evidence that they have been running fractional gold reserves. That is very worrisome.

But, as usual, your analysis would be more credible if you didn't keep grasping at any straws you find that even remotely seem to justify your views. That's called confirmation bias, and it doesn't help you assert credibility.