Dear CIGAs,

Here is more of the same old, same old.

Of course there will be a deficit deal. A US default will not occur as long as the Fed has a printing press. The Deficit deal will not in any way be a cure for the debt problem.

Gold will take out $1600 and $1650 on its way to test $1764. $1600, like all other round numbers, presents nothing more than a temporary challenge to the market and that only.