We have seen a top in the USD/YEN at above 1.21 a few weeks ago (reflected in a NIKKEI high) and today we are backtesting 1.20.

If these all encompassing 2-year long carry trades in the forex market and NIKKEI are to be unwound, that may start as from today. In that case, gold and silver should be benefiting largely.

For obvious reasons, I am using the wordt "if", "may" and "should be", because the over the counter markets may have found an even bigger roll-over mechanism to make those carry trades just peanuts. Hard to believe, but you never know.