Keep in mind that this week has an avalanche of US Treasury instruments offered for sale.

The Chinese financial delegation is visiting Washington with their counterparts in the Administration.

They wish for a Super Sovereign Currency alternative to the US dollar and a cessation of debt offerings as a way of life for US fiscal policies.

Intervention in the dollar was clearly evident from 6 to 7am this US morning off the approximate .4300 level in the Euro which corresponded at that time to .7840 USDX.

This market intervention is purely transitory in the US dollar as there is a planetary desire for dollar diversification and a multi trillion dollar US Federal deficit.

Clearly the dollar and Gold are tied at the hip in the inverse, giving us all comfort that gold has much higher to go.

COT is taking full advantage of this transitory situation in their huge manipulative paper gold offerings to run price, not to sell volume.

Stay the course.

Respectfully yours,
Jim