For at least the last two weeks, without exception, gold has been sold off the moment that Globex trading opened in the Far East. Thursday morning was no different. From there, gold and silver didn’t do a thing until the usual 3:00 a.m. New York time, when a nice rally commenced in both metals. But if you note the Kitco gold chart carefully, there was some not-for-profit seller, selling this London rally every time it looked like it showed too much ‘irrational exuberance’ to the upside. This happened five times during London trading. Ditto for silver. The peak in gold came about half an hour after the Comex open. From there, it got sold off until around half-past lunchtime in…

Japan’s gold exports have doubled this year as individual investors locked in profits after gold prices soared earlier in the year, but retail demand for bullion has been picking up steadily over the past few months.

Dollar plunges to 13-1/2 year trough vs yen, below 88… European, U.S. government debt touch fresh historic lows… Morgan Stanley’s, PNB Paribas’ losses lead stocks lower… Oil slips; OPEC’s record cut doesn’t offset demand slide