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Trying to prop up the bond market so the air is coming out of the italian and spanish bond and he is trying to piece it back together. it doesn't look as though it is working. >>neil: and in the case of italy given they are the eighth largest economy, it could keep off the problems greece has. if they cannot and spain cannot, it is katie bar the door, right? >>guest: yes, the problem is that big of the money that the european commission does not really have. they are saying, you said you had contained the problem and it would only affect a small number of countries, greece, portugal, ireland, ...

It and you cannot get your teeth in anything other than the drurys. >>neil: what made today different? normally in other crisis particularly in greece and our debt back and forth problems in this country they wanted to get gold and they continued to advance the gold prices but not today. what was so different today? >>guest: the sign of gold setting a new high and coming off to be a negative tells you that there was absolute panic in the air. with the dow doing what it did the last half hour. >>neil: for people who have been betting on gold and wondering up wonderful advances on gold, is that ...

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Wear different color jackets and different design jacket so they can standout on the crowd. i don't want you to think that scott is making a fashion statement. thank you, my friend. you were great. and now, the 512 point fall we had seemed like a lot and 4.3 percent is a lot but that is the same amount we fell october 19, 1987 and it represented a quarter of the dow value. today as i said more than 4 percent and i do not mean to minimize the sell off today but just put it in perspective because the numbers are not as big as that. stokes way down -- stocks way down despite the debt deal. and ch...

David, thank you. so this is the latest. gold was rocketing and retreating and old made a dive. all that glitters was not gold. and now, scott on the good and bad and i guess more of the ugly. what happened? >>guest: well the play-by-play is this: we started off this morning with an orderly sell off in equities and it looked ugly coming off of europe and then once we decided that it was now a panic, everyone was taking the money off the table and they reduced themselves to cash so that is why when you see the market trade lower like gold did, that tells me as an outsider that it was a panic. i...