Swiss Have Voted No To Gold Initiative: SNB Will Not Compete With China, India and Russia.

  

  Swiss people have voted today with no to the Swiss Gold Initiative. BIS and SNB can report back to FED the good news. Jim Rickards will have so large new audience to educate for his books in the years to come now. China, India and Russia will be buying Gold without any competition from the West now. Monday Gold trading session will be interesting with record negative GOFO rates, India news and, as some are suggesting, even short covering in Gold on this news.

  The focus should be on the dollar and Oil, stock exchanges in Saudi Arabia and Dubai are falling very sharply today and Saudi Arabia is in a bear market now. All these games can be out of control and Shale Oil in U.S. economic miracle is at stake now.

 Peter Schiff has discussed the expected by him No Vote last Friday with interesting observation: "Now all Swiss people who voted yes, will be buying Gold to protect themselves."

  

ZeroHedge: Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years.

The disconnect in the demand for Gold and its manipulated price continues ... Instead of breaking out above MA50 Gold was sold out heavily in the very thin holiday trade with Oil crashing down after OPEC decision. Next week will be crucial for the Gold and other commodities markets. US Dollar on the chart below will be the guide. Who will risk deflation now? Higher US Dollar and lower Oil prices mean exactly that. Say good buy to Oil Shale and all economic boom connected to it. Before yesterday the most crowded trade: Long US Dollar looked like reversing itself, next week will show the next step in this epic ongoing Oil and Currency Wars.  Actually for the FED the higher Gold price and lower US Dollar will be the best outcome now - it will show the "so much needed Inflation", save Shale Oil and allow to manage next cycle of the gradual rise in the stock market preventing the collapse. In this logic discussion about ECB ability to buy Gold doesn't look so crazy any more. Will FED join this game now? At some stage it will have to deliver all that Gold "safely stored in its vaults" and this repatriation virus is not going just to fade away. Normally markets are positioned for the majority of participants to lose, this outcome will be the most unexpected I guess. Read more."

ZeroHedge:

Swiss Gold Referendum Fails: 78% Vote Against "Protecting The Country's Wealth"

Whether as a result of an unprecedented scare campaign by the Swiss National Bank (most recently reinforced by Citigroup), or due to confidence that Swiss gold is as safe abroad as it is at home, or simply due to good old-fashioned "hanging chads", today's most awaited event has come and gone and the result - according to early projections by Swiss television SRF - is that the Swiss population overwhelmingly rejected a referendum to force the Swiss National Bank to hold some 20% of its reserves in gold in a landslide vote, with about 78% voting against what AP politely termed "protecting the country's wealth by investing in gold." ... 

...And then there is the question of what happens to the tension in the gold swap market: as noted last week, the 1 Month GOFO rate had tumbled to the most negative in over a decade. It was not clear if this collateral gold squeeze was the result of Swiss referendum overhang or due to other reasons. The market's reaction on Monday should answer those questions. Read more at ZeroHedge."

ZeroHedge: Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years.

  The disconnect in the demand for Gold and its manipulated price continues ... Instead of breaking out above MA50 Gold was sold out heavily in the very thin holiday trade with Oil crashing down after OPEC decision. Next week will be crucial for the Gold and other commodities markets. US Dollar on the chart below will be the guide. Who will risk deflation now? Higher US Dollar and lower Oil prices mean exactly that. Say good buy to Oil Shale and all economic boom connected to it. Before yesterday the most crowded trade: Long US Dollar looked like reversing itself, next week will show the next step in this epic ongoing Oil and Currency Wars.
  Actually for the FED the higher Gold price and lower US Dollar will be the best outcome now - it will show the "so much needed Inflation", save Shale Oil and allow to manage next cycle of the gradual rise in the stock market preventing the collapse. In this logic discussion about ECB ability to buy Gold doesn't look so crazy any more. Will FED join this game now? At some stage it will have to deliver all that Gold "safely stored in its vaults" and this repatriation virus is not going just to fade away. Normally markets are positioned for the majority of participants to lose, this outcome will be the most unexpected I guess.

Eric Sprott: Global Gold Demand Is Overwhelming Supply.

Nobody believes that Gold can make a true reversal here. Sentiments are at total extreme. We have the capitulation in gold miners and, maybe, this is the sign of the end of this gold bear market. Read more."

Claudio Grass: Will the Swiss Vote for Gold?

ZeroHedge:

Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years

A week ago, when we reported that in a stunning move, the "Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed", and when looking at the NY Fed's monthly reports of gold deposits by foreign entities, we observed that "we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 57.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a doozy." Yesterday, the long anticipated October update of "earmarked gold" held on deposit at the NY Fed was released, and sure enough it did not disappoint. Declining in dollar value from $8.305 billion to $8.248 billion, this was the equivalent of 42 tonnes of gold being withdrawn, in the process reducing net gold located in the vault of JPMorgan the NY Fed to 6,076 tonnes. The 42 tonnes withdrawal was also the biggest single monthly redemption from the NY Fed since 2001.

So with the 119 tonnes of gold withdrawn so far in 2014, it is now abundantly clear that the "logistical complications" excuse used by Germany to halt its own gold repatriation program was nothing but a lie to cover up what, as Deutsche Bankexplained earlier this month, was an escalation of "diplomatic difficulties" between the US and Germany, one in which Germany has folded, if only for now. ZeroHedge."

Claudio Grass: Will the Swiss Vote for Gold?

"Jeff Deist and Claudio Grass discuss this Sunday’s historic gold referendum vote from Claudio's insider’s perspective. This referendum would require the Swiss National Bank to stop selling gold reserves, to keep its gold in Switzerland, and to maintain 20% of its total assets in gold.

What might the growing gold repatriation movement mean for the ECB and the Fed? Is this vote a watershed moment for the credibility of central banks generally? Is hostility against Swiss neutrality, Swiss wealth, and Swiss identity the unspoken motivation behind EU and US attempts to control this country of only 8 million people? And why do financial elites hate the idea of a strong Swiss franc?"

Alan Greenspan: Gold Is The Premier Currency And The Dollar Can't Match It.

"We have "the new rock star for the gold bugs community." Interesting revelations from Alan Greenspan to say at least. Chinese must be listening. Swiss can join the party as well now. Read more."

Bloomberg: 1,500 Tons Of Gold On The Line In Swiss Vote To Buy Back Bullion.

Bloomberg.

  The story about Swiss Gold Referendum has made its way up to the Bloomberg. Now everything depends on the people of Switzerland, but at least we will have the opportunity for the proper discussion about the FIAT Currency systems and Gold. China is not only buying record amounts of gold now, but taking out the best long term mining assets all over the globe. Read more."

Swiss Gold Referendum on November 30 - All You Need To Know To Vote Yes!

Grant Williams: All You Need To Know About Swiss Gold Referendum.

Great presentation from Grant Williams on this groundbreaking event for the Switzerland and the Gold market! We are close to the very important catalyst point for the Gold market now.

Eric Sprott: Global Gold Demand Is Overwhelming Supply.

Charles Nenner: “Gold Close To Major Bottom”.

  I am putting Charles Nenner on the record here. Can he be right again this time? So far, after hitting $1,130 Gold was cooperating with his Call. Gold space is full of buzz again. Alan Greenspan is talking about Gold with FT, Le Pen in France is demanding Gold audit and its repatriation after Netherlands brought some of its Gold from NY and Swiss are going vote in their referendum this Sunday. Will it all translate into the Gold breakout above $1,225 level next week? Read more."

India Eases Gold Import Rule In Surprise Move.

  

  This is very interesting development in India. Something is going on behind the scenes now - it looks like India is not so willing to cooperate and prevent its citizens from accumulating Gold now. Eric Sprott has discussed it in detail in this podcast:

Eric Sprott: Global Gold Demand Is Overwhelming Supply.

Charles Nenner: “Gold Close To Major Bottom”.

  I am putting Charles Nenner on the record here. Can he be right again this time? So far, after hitting $1,130 Gold was cooperating with his Call. Gold space is full of buzz again. Alan Greenspan is talking about Gold with FT, Le Pen in France is demanding Gold audit and its repatriation after Netherlands brought some of its Gold from NY and Swiss are going vote in their referendum this Sunday. Will it all translate into the Gold breakout above $1,225 level next week? Read more."

Reuters:

UPDATE 2-India eases gold import rule in surprise move

By Suvashree Choudhury and Meenakshi Sharma
Nov 28 (Reuters) - India has scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal afterChina.
Along with a record duty of 10 percent, India introduced the so-called 80:20 import rule tying imports to exports of jewellery last year to bring down inbound shipments and narrow the current account deficit that had hit a record.
"It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold," the Reserve Bank of India (RBI) said on Friday, without giving a reason for the change in the rule.
Only days ago there were talks between officials of the Mumbai-based central bank and the finance ministry in New Delhi to bring back curbs on some trading houses following a surge in imports over the past few months.
Traders said before the decision on Friday that India's gold imports could climb to around 100 tonnes for a third straight month in November as dealers bought heavily on fears of curbs on overseas purchases, especially as the wedding season picks up.
But the government's latest move came as a surprise even to some officials.
A policymaker associated with India's gold import policy said the government instructed the RBI at 1830 local time on Friday to urgently change the rule. A notification was posted on the central bank's website two hours later.
"We were not informed about the reason for scrapping this rule. The restrictions on who all can import who can't are still valid," said the policymaker, declining to be named as he is not authorised to talk to media.
The rule change, however, was a relief to jewellers facing difficulties in sourcing gold during the key festival and wedding season that started in October.
Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, said the 80:20 rule was not only encouraging smuggling but was also misused by many traders.
From getting human mules to swallow nuggets to hiding gold bars in dead cows, smugglers had raised their activity since the middle of last year after the import curbs.
Following the disbanding of the 80:20 rule, the government may place a monthly or yearly quota for traders, said Sudheesh Nambiath, a senior analyst at consultancy Thomson Reuters GFMS.
"Quota is a more logical and simple way of monitoring and limiting gold imports," Nambiath said. (Additional reporting by Neha Dasgupta and Devidutta Tripathy; Writing by Krishna N. Das; Editing by Sumeet Chatterjee and David Evans) Reuters."

Charles Nenner: “Gold Close To Major Bottom”.

  I am putting Charles Nenner on the record here. Can he be right again this time? So far, after hitting $1,130 Gold was cooperating with his Call. Gold space is full of buzz again. Alan Greenspan is talking about Gold with FT, Le Pen in France is demanding Gold audit and its repatriation after Netherlands brought some of its Gold from NY and Swiss are going vote in their referendum this Sunday. Will it all translate into the Gold breakout above $1,225 level next week?

Charles Nenner: Gold Cycle To Bottom, Sees $2,100 Upside Target.

Charles Nenner has quite a few very impressive calls on different markets. His today calls sound totally contrarian for the mainstream investors. US Dollar is rising to the sky, markets are hitting all-time-highs. Lets put him on the record here today. In this interview he confirms his call for Gold cycle to bottom now and his upside target of $2,100. Chinese seems to be following his ideas ...

Koos Jansen: Insatiable Chinese Gold Demand Continues Unabated.

  "Koos Jansen continues his brilliant work and reports that gold demand in China remains very strong. It is the very interesting confirmation for the strong physical market in light of the recent call from Charles Nenner for Gold cycle to bottom now. Capitulation in Gold miners last week "leaves no hope for any life after death in the sector", calls for gold below $1,000 are getting louder - are these the real signs of the bottom to be made now? Read more."

Charles Nenner: Scary Deflation on Horizon, Sees Gold Cycle Bottom at 1150.

Charles Nenner: "We are at the bottom of the cycle for Gold with $1150 target." Nobody knows the future for sure, but this interview is very interesting - it was published on October 7, 2014, particularly when you consider the last week blood bath in gold miners which looks like total capitulation. Can Swiss Gold Referendum bring us necessary catalyst? Read more."

Presentation: TNR Gold Receives Royalty From McEwen Mining On "One Of The Largest Undeveloped Copper Projects".

Koos Jansen: The Netherlands Has Repatriated 122.5t Gold From US.

  

  Koos Jansen reports that just before Swiss Gold Referendum The Dutch Central Bank has repatriated 122.5t of Gold from US. China has cut interest rates as well today - trading in Gold will be interesting.

Infographic: Everything You Need to Know About the Swiss Gold Referendum.

Eric Sprott: Global Gold Demand Is Overwhelming Supply.

  Nobody believes that Gold can make a true reversal here. Sentiments are at total extreme. We have the capitulation in gold miners and, maybe, this is the sign of the end of this gold bear market.

Koos Jansen:

The Netherlands Has Repatriated 122.5t Gold From US

The Dutch central bank, De Nederlandsche Bank (DNB), has repatriated in utmost secret 122.5 tonnes of gold from the Federal Reserve Bank of New York (FRBNY) to its vaults in Amsterdam, The Netherlands, according to a press release from DNB published today (November 21).

DNB states it has changed allocation policy from 11 % in Amsterdam, 51 % at the FRBNY, 20 % in Canada and 18 % at the Bank Of England (BOE); to 31 % in Amsterdam, 31 % at the FRBNY, 20 % in Canada and 18 % at the BOE. According to the World Gold Council’s latest data DNB has 612.5 tonnes in official gold reserves.

Source: the WGC, DNB

Translation DNB press release:

DNB Adjusts Gold Reserves Allocation Policy

Press release, date November 21, 2014.

De Nederlandsche Bank has adjusted its allocation policy for its gold reserves. To achieve a more balanced distribution of gold over the various locations, DNB has shipped gold from the US to the Netherlands.

In the old situation 11% of the gold reserves were located in the Netherlands, 51% in the US, with the remainder in Canada (20%) and the UK (18%). The location distribution according to the revised policy is as follows: 31% in Amsterdam, 31% in New York, while the percentages for Ottawa and London with 20 and 18  % remain unchanged.

This adjustment of DNB joins other central banks that store a larger share of their gold reserves in their own country. Next to a more balanced distribution of the gold reserves over the different locations, this can also contribute to more trust towards the public.

The distribution of gold stocks over various locations is often subjected to change. For example, in the period after the Second World War until the early seventies DNB added a lot to its gold reserves - underBretton Woods - especially in New York. Since then, more mutations occurred. The main reasons for this have been the gold sales over the past decades and the closure of the vaults of the Reserve Bank of Australia, which made DNB ship gold from Australia to the UK in 2000. 

A few weeks ago I heard a rumor that the Netherlands were repatriating some of their official gold reserves from the FRBNY. From one of my sources I even heard which security logistics company is shipping the metal, but I was kindly asked to not share this company’s name.

Last week I was approached by a financial journalist, Theo Besteman, from the biggest newspaper in The Netherlands,De Telegraaf. He asked me if I knew anything about the repatriation of Dutch gold from the FRBNY as he heard from several sources DNB was following the German central bank in repatriating gold (for the ones that are under the assumption Germany has ceased its repatriation program, please read this). I told him I heard some rumors about it and that the source was one of the big security logistics companies. He wanted to know which one, but I couldn’t tell him that. Apparently the rumors were true and Besteman did a good job finding out what was happening. The front page of De Telegraaf today: Gold Shipped In Utmost Secret.

De Telegraaf reports that for years there have been doubts at the DNB if the Dutch gold was still in New York. After a very secret and almost military operation DNB has shipped gold from Manhattan to Amsterdam, to bring about a more balanced allocation of its gold reserves and give the Dutch citizens more confidence by storing the gold on ownsoil to guide the country, if necessary, through a following major crisis. In the previous weeks many armored trucks were seen at the DNB in Amsterdam. Quote from De Telegraaf:

“It is no longer wise to keep half of our gold in one part of the world,” said a DNB spokesman on themassive operation of shipping gold bars to Amsterdam. “Maybe that was desirable during the Cold War,not now.”

Global Consequences

The impact of the Dutch gold repatriation can be huge. First of all, because it underlines more and more countries are getting nervous about their gold reserves stored in the US. Venezuela repatriated most of its reserves from abroad in 2012, the year Germany also announced a repatriation schedule from the US and France. While Germany settled with the US to ship 300 tonnes spread over 8 years, the Dutch set a new trend to insist on immediate delivery. If more counties will follow there can be a global run on gold.

Recently the Swiss people also got nervous about the Swiss National Bank (SNB) its gold policy and asked for a referendum to store all of the official gold reserves on Swiss soil. The Swiss referendum is held on November 30 and will most likely be influenced by the 123 tonnes of gold repatriated by The Netherlands.

Koos Jansen"

Infographic: Everything You Need to Know About the Swiss Gold Referendum.

Eric Sprott: Global Gold Demand Is Overwhelming Supply.

  Nobody believes that Gold can make a true reversal here. Sentiments are at total extreme. We have the capitulation in gold miners and, maybe, this is the sign of the end of this gold bear market.

Rick Rules: Capitulation In Gold And Resource Markets.

  Please pay attention one more time what Alan Greenspan has been talking about FED and Gold! These are truly remarkable revelations at this particular turning point.

ECB Could Buy Gold To Revive Economy.

   

  We can have ECB joining China and Russia buying Gold now! Alan Greenspan's ideas about Gold are getting more popular now. Swiss Gold Referendum can bring SNB into the gold market as well for 1,500 t.

Bloomberg: 1,500 Tons Of Gold On The Line In Swiss Vote To Buy Back Bullion.

 "The story about Swiss Gold Referendum has made its way up to the Bloomberg. Now everything depends on the people of Switzerland, but at least we will have the opportunity for the proper discussion about the FIAT Currency systems and Gold. China is not only buying record amounts of gold now, but taking out the best long term mining assets all over the globe. Read more."

TNR Gold Los Azules Copper M&A: Barrick In Talks With Chinese Miner Zijin On Pascua-Lama Investment.

Grant Williams: All You Need To Know About Swiss Gold Referendum.

Great presentation from Grant Williams on this groundbreaking event for the Switzerland and the Gold market! We are close to the very important catalyst point for the Gold market now.

Rick Rules: Capitulation In Gold And Resource Markets.

 "Rick Rules gives us the very good description of the Capitulation in the Gold and Resource markets. By my personal observations we just had it in place. Rick outlines the big picture for Resources Sector perfectly. This is why I am personally in this business. Real assets will be needed, particularly if and when  we will have the growing world-wide economy. We can discuss all these details all time long and it will never matter before Mr Market will turn - maybe it is happening now.

  Please pay attention one more time what Alan Greenspan has been talking about FED and Gold! These are truly remarkable revelations at this particular turning point. Read more."

The Telegraph:

ECB Could Buy Gold To Revive Economy.

Declining economic data may "theoretically" leave the door open for the European Central Bank to buy assets including gold and shares
Gold, shares, and exchange-traded funds (ETFs) - the European Central Bank (ECB) may turn to buying any or all of these in an attempt to boost inflation in the currency bloc.
Yves Mersch, a member of the ECB’s executive board, said that the purchase of these assets was “theoretically” an option for the central bank, which earlier this year resolved to “take further unconventional measures to counteract a length period of lower inflation”.
His speech, delivered in German, came as official statistics published on Friday showed inflation of just 0.4pc in the year to October.
Very low levels of inflation were characterised by Mr Mersch as “abnormally low”, as price growth remained well below the ECB’s target of close to 2pc.
The official said that while there was scope to buy such assets, the ECB is about to embark on a programme of asset-backed securities purchases.
“Every purchase of a security - or precious metal or foreign currency - naturally increases the credit risk of the buyer”, he added, noting that the ECB may lack a mandate to increase the risk of its balance sheet.
Mr Mersch, a Luxembourgian, is often seen as leaning towards the position of the ECB’s German members - hesitant to pursue monetary stimulus in an attempt to revive the eurozone.
The euro area as a whole has just managed to dodge a triple-dip recession according to data published on Friday, posting growth of 0.2pc in the third quarter of the year.
While the economic data has worsened, so has the mood of forecasters. On Thursday an ECB poll of professional economists showed that inflation and and growth are expected to remain weak. The Telegraph."

James Turk: On Swiss Gold Referendum, US Dollar And China's Quest For Gold.

James Turk of GoldMoney.com says, “COMEX is just a side show. It’s just a paper market. The action is taking place over here in London. You are seeing this huge backwardation. If you want to put a big order in, say $50 million for physical metal, you can’t get that metal tomorrow. You are going to have to wait for a while before you can get that metal. That’s sign to me that gold is cheap. The same thing is happening in silver. As a result of that, you are going to see much higher prices as we move to the end of the year.” Turk goes on to add, “We’ve seen the slow burn in the dollar. You have these blips up and down and, right now, we are having this momentary blip of dollar strength, but eventually, it will go over the edge of the cliff. That is, ultimately, what happens when a currency collapses. Eventually, people realize the currency no longer makes sense.”

Chris Powell of GATA: Gold Manipulation Historical Fact Not Conspiracy Theory.

"After headlines today about the settlement in the FOREX market manipulations by the major banks it looks like "this conspiracy theory" will be proven to be true very soon as well or is it already happening? If traders from major banks and even BOE were rigging the FOREX what is happening with Gold and Silver markets were the manipulation is "blessed" by the Central Banks? Will these developments coincide with the cycle bottom for Gold called by Charles Nenner now? Read more."

Gold and Commodities: What Is next - Major Reversal Or Another Bloodbath?

  We had a small party this Friday with Gold short covering in a full action. Will this Reversal hold to its promise now? All hope was lost for the Gold bugs and all miners were obliterated in capitulation last week. This is when the bottoms are formed. No buyers and everybody who can has already sold. Last few weeks we had no bids in any junior miners and if any volume came in it was sold at any price. It is The Capitulation. I have seen it before and not a lot of people out of our industry can believe it, but we have hit even the lower low than in the middle of financial Panic in 2008 in our sector!

  Nobody knows the future and I am not a trader any more. I have to stick with my companies moving forward, building up the assets even when nobody cares any more. But when the turn-around comes the move from insanity Low to another side is the most dramatic of all as well. You just have to stay in one piece before it. Have we reached this level?

  The chart above could be the answer. Everybody is Bullish on US Dollar and Markets. Everybody is Bearish on Gold and Miners. Sentiments are at the total extremes.  Fundamentals are supporting much higher Gold, Silver and Copper prices. The most important: smart money - Industry Insiders are buying the best assets now.

  Please notice the fist Candle when USD started this rally in May 2014, the move was dramatic and uninterrupted. Now we have the Reversal Candle just formed. What will bring the downward pressure on US Dollar now? I do not know, but Nothing grows up into the Sky. Strong US Dollar means that Deflation can become the reality. Who will risk it now? We will see very soon and the next week will be very important. The real short squeeze has not even started yet. 
  Alan Greenspan talking about Gold as Premier Currency, Charles Nenner calling the cycle bottom and China buying record amount of Gold could be the signs of the tide coming up now to the gold market.

  You can find my previous posts links to showcase my Big Picture view on this blog and I will remind you about our assets in International Lithium and TNR Gold, as usual. Read more."

Chris Powell of GATA: Gold Manipulation Historical Fact Not Conspiracy Theory.

  

  After headlines today about the settlement in the FOREX market manipulations by the major banks it looks like "this conspiracy theory" will be proven to be true very soon as well or is it already happening? If traders from major banks and even BOE were rigging the FOREX what is happening with Gold and Silver markets were the manipulation is "blessed" by the Central Banks? Will these developments coincide with the cycle bottom for Gold called by Charles Nenner now?

Gold and Commodities: What Is next - Major Reversal Or Another Bloodbath?

  We had a small party this Friday with Gold short covering in a full action. Will this Reversal hold to its promise now? All hope was lost for the Gold bugs and all miners were obliterated in capitulation last week. This is when the bottoms are formed. No buyers and everybody who can has already sold. Last few weeks we had no bids in any junior miners and if any volume came in it was sold at any price. It is The Capitulation. I have seen it before and not a lot of people out of our industry can believe it, but we have hit even the lower low than in the middle of financial Panic in 2008 in our sector!

  Nobody knows the future and I am not a trader any more. I have to stick with my companies moving forward, building up the assets even when nobody cares any more. But when the turn-around comes the move from insanity Low to another side is the most dramatic of all as well. You just have to stay in one piece before it. Have we reached this level?

  The chart above could be the answer. Everybody is Bullish on US Dollar and Markets. Everybody is Bearish on Gold and Miners. Sentiments are at the total extremes.  Fundamentals are supporting much higher Gold, Silver and Copper prices. The most important: smart money - Industry Insiders are buying the best assets now.

  Please notice the fist Candle when USD started this rally in May 2014, the move was dramatic and uninterrupted. Now we have the Reversal Candle just formed. What will bring the downward pressure on US Dollar now? I do not know, but Nothing grows up into the Sky. Strong US Dollar means that Deflation can become the reality. Who will risk it now? We will see very soon and the next week will be very important. The real short squeeze has not even started yet. 
  Alan Greenspan talking about Gold as Premier Currency, Charles Nenner calling the cycle bottom and China buying record amount of Gold could be the signs of the tide coming up now to the gold market.

  You can find my previous posts links to showcase my Big Picture view on this blog and I will remind you about our assets in International Lithium and TNR Gold, as usual. Read more."

ZeroHedge: A Clear Attempt To Manipulate Fixes In The Precious Metal Market

FT: BoE dismisses chief forex trader over ‘serious misconduct’

FT: Regulators slap $4.3bn fines on six banks in global forex probe