Urgent Update

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Two points.

(1) support for gold intraday is at the 1389 level on a 5 minute bar closing basis.

a special report will go out to the Metals Report Clients only to prevent a GENERAL broadcast that would be disseminated to just anyone.

(2) The Euro decision to confiscate assets in the banks WAS discussed at G20 levels. There appears to be no risk of that immediately outside of Europe. There, the reserves of the banks are spread across Eurozone bonds. Portugal will need another bailout and Slovenia cannot cope with the crisis and will be on the short list. European politicians are risking all out war because they are committed to the whole idea of a single currency that is fatally flawed. Unless this is restructured, Europe will risk major civil unrest and that will send the dollar up sharply. They are hunting all assets, including gold.