Despite a falling US$ and wall-to-wall bad economic news, someone was there to sell off gold and silver as soon as Globex trading began in the Far East on Monday morning. After that, there was a stair-step down in the price…four different bouts of not-for-profit selling…2 a.m., 5:00 a.m., the Comex open…and shortly before lunch in New York. All times are Eastern. After each suspicious sell off, gold tried to rally…but each attempt, big or small, ran into a willing seller. Neither metal had a chance.

With $17.4 billion owed to the U.S. government amid falling auto sales, General Motors Corp. (GM) and Chrysler LLC may be forced into bankruptcy to reassure loan repayment.

Major domestic sales declines from Toyota Motor Corp. (ADR: TM) and Nissan Motor Corp. (ADR: NSANY) led Japan to post its worst overall annual vehicle sales in nearly three decades.

American optimism at all-time low, 2009 recession imminent… Fannie and Freddie to the rescue? Chris Mayer with good news for oil investors. Another day, another double-digit decline… Russian market, currency plummeting. Pat Cox with a “huge” breakthrough medical tech about to become reality. Have we hit a nerve? The automaker debate rages on in The 5’s inbox

South Korea Plans $10.8 billion Stimulus; KKR IPO Delayed Again; DryShips Posts 71% Profit Growth; Oil Slides Below $64; Manufacturing Hits 26-year Low; Viacom Profit Down 37%; Cars Sales Plummet

The U.S. Treasury Department has rejected General Motors Corp.’s (GM) request of $10 billion in assistance for its potential merger with Chrysler LLC after the Bush Administration decided it didn’t want to broaden its $700 billion financial rescue program to include industrial companies – or to play a role in a GM-Chrysler merger that could cost the U.S. economy tens of thousands of jobs, The New York Times reported yesterday (Monday).

From January 2009 Slovakia will be the eurozone’s newest (and 16th) member. The stability the single currency provides the fast-growing country is attracting considerable investment. But Sara Nunnally says trading on the local stock market remains complicated and risky. Instead, she recommends the numerous international tech companies that are flocking to the area…

Andrew Gordon says people who think a housing market recovery will spark a wider economic revival have got it the wrong way round. Until people stop losing their jobs and can afford to splash out on inexpensive items they’re not going to buy houses. Auto sales provide a better economic barometer. The sector is heading for its worse year since the early ’90s. Things are still looking glum…

Gloomy Beige Book Report; Weak August for Autos; Layoffs at GMAC; Fraud Charges for Former Credit Suisse Brokers; Factory Orders Rise; Staples Profit Squeezed; United Technologies Lands $80m Jet Deal; Liberty Spins Off DirectTV

Crude Gains on Lower Supply; Comcast Earnings Boost; Garmin Shares Plunge on Lowered Outlook; United’s Pilot Trouble; Private Employers Add Jobs; Nissan Buys Out TN Plants; ArcelorMittal’s Strong Second Quarter; Nintendo Brings Its A-Game

• Crude oil for September delivery gained $4.58 yesterday (Wednesday) to close at $126.77 a barrel on the New York Mercantile Exchange, MarketWatch reported, after the Energy Information Administration announced crude supplies fell 100,000 barrels to 295.2 million barrels for the week ended July 25.

• Comcast Corp. (CMCSA), the largest U.S. cable television provider, announced yesterday (Wednesday) that net profit in the second quarter rose to $632 million, or 21 cents a share, from $588 million, or 19 cents a share, in the prior year, Reuters reported. Comcast stock gained 89 cents, a…