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Buzz & Banter


A quick note this morning on the dollar. We're seeing new lows this morning in the Dec. contract. Meanwhile the Dec. yen is trading back near its high, which most recently prompted a round of fresh intervention from the Japan Ministry of Finance. According to an article in Monday's Financial Times Japan pledged to take "decisive" action to protect its currency against "speculative" moves. I suspect we may see a test of their "decisiveness" sooner rather than later.

Meanwhile, Dec. gold is slightly higher today but well below the 380-382 area where we should find some resistance. I believe gold remains in a longer-term structural bull market, but for now, for a trade, the better risk/reward is on the down side.
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Position in Dec. gold.

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