America – hold your noses. You ain’t smelled nothin’ yet.

I speak, of course, to the budget deficit and Washington’s inability to recognize the intractable: 75% of the budget is non-discretionary and entitlement based. Without attacking entitlements – Medicare, Medicaid and  Social Security – we are smelling $1 trillion deficits as far as the nose can sniff.

Black Swan events keep coming. The Middle East, Japan, and food-related events may be in the pipeline. We are at the very cusp of an enormous blast higher in the metals, and it will catch most of the investment world totally off guard.