Investors who pay attention to Japan’s looming election can expect to be well-rewarded for their time.  Normally, we confess, Japanese elections don’t matter much, because the same guys always win. However, this one – set for Aug. 30 – looks different: It may actually bring about the first real change in Japan’s government in 55 years. That’s important.

But the surge in pay is still keeping millionaires on the sidelines.  Simon Mellon, of our new Bonner and Partners Family Office service, has been eyeing the sentiment of high net worth Americans.  And the picture ain’t pretty.

Gold declined from the far East into the first hour of the New York session on Thursday, bottoming at $857 before rallying after the noon hour to finish at $868.40/oz., down $11.70. Overnight, gold has fallen off further.